Shareholders of Milliken & Company pay $52M for Crown Heights rental building

The 63-unit property at 341 Eastern Parkway came to market in 2014

New York /
Oct.October 11, 2016 02:31 PM

A company controlled by shareholders of chemical and textiles giant Milliken & Company paid $52 million to acquire a 63-unit residential building in Crown Heights.

The eight-story building at 341 Eastern Parkway sits at the intersection of Franklin Avenue and Eastern Parkway, directly above a subway stop, and near the popular retail strip along Franklin Avenue.

The seller, Bluejay Management, bought the property as a vacant lot in 2012 for $8.3 million, according to property records.

The 84,860-square-foot doorman building with a mix of studios, one-bedrooms and two-bedrooms opened in 2014. Only two units are being marketed — a studio listed at $2,196 a month and a one bedroom for $3,111 a month, according to StreetEasy. Retail tenants include Starbucks, Capital One and an urgent care center.

Eastern Consolidated’s TRData LogoTINY Matt Sparks and Alexandra Rossland were the listing brokers, the Commercial Observer reported. Scott Burk, also of Eastern Consolidated, represented the buyer.

A ProPublica investigation last year into properties that were subject to a wage requirement for service workers in return for a 421a tax abatement found that management at 341 Eastern Parkway was among those not fulfilling their commitment. Workers there were attempting to unionize in March, and said they were facing retaliation from the building’s management. [CO] — Chava Gourarie


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