The Real Deal New York

Here are new details on Bruce Eichner’s megaproject in Crown Heights

Continuum Company and Lincoln Equities to build 1.4M sf development
February 14, 2019 11:35AM

Rendering of 960 Franklin Avenue and Bruce Eichner (Credit: YIMBY and YJP)

Bruce Eichner’s Continuum Company and Joel Bergstein’s Lincoln Equities are moving forward with plans for one of Crown Height’s biggest developments.

The new project, consisting of two 39-story towers at 960 Franklin Avenue, will span 1.4 million square feet and house more than 1,500 residential units, YIMBY reported. Of those units, roughly 790 would be rented as affordable.

The companies plan to construct the towers in two phases. Construction of the first building, which would have about 9,600 square feet of retail and 113 parking spaces, could start as early as January 2021, the outlet reported.

The second tower also would have retail space that would cover 11,542 square feet, plus parking and community space. The developers also plan to incorporate more than 50,200 square feet of open space into the project.

The New York City Department of Planning still has to approve the proposal, which will be presented to the public on March 12.

Eichner’s and Bergstein’s firms partnered together to buy the four parcels for the site at 960 Franklin Avenue, in 2017. At the time, the plans called for four buildings and Eichner said the project would cost more than $500 million. The developers paid $33 million for at least two of the lots, at 962 and 972 Franklin Avenue. It was not immediately clear if they also closed on two parcels at 124 and 130 Montgomery Streets.

Fortress Investment Group provided $35.4 million to the developers to buy the site and finance its rezoning.  [YIMBY] — Mary Diduch