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

Continuum Company and Lincoln Equities to build 1.4M sf development

TRD New York /
Feb.February 14, 2019 11:35 AM

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

Related Articles

From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)

Black developers say partnerships aren’t always equal

85 4th Avenue in Brooklyn (Credit: Google Maps)

New details of Boerum Hill’s next big project unveiled

TF Cornerstone president Frederick Elghanayan and 595 Dean Street (Credit: CityRealty, Google Maps)

TF Cornerstone’s Prospect Heights two-tower project unveiled

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

Phara Souffrant and Assemblymember Walter Mosley (Credit: YouTube and Getty Images)

Tenant organizer challenging incumbent doesn’t think “anyone should be paying rent”

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Chicago’s top 5 general contractor firms were approved to build over 9 million square feet of new development

The construction giants catching a Windy City windfall

David Marx of MDG Real Estate and the site at 71-05 Parsons Boulevard in Queens (Credit: Google Images and iStock)

Here’s a weird one: David Marx plans towers at Queens site he bought from his own company