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

Continuum Company and Lincoln Equities to build 1.4M sf development

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

arrow_forward_ios
227 Grand Street in Williamsburg, and the Tel Aviv Stock Exchange (far left)
“I suppose a lot of people have a full stomach from what he did:” Inside Yoel Goldman’s very bad year
“I suppose a lot of people have a full stomach from what he did:” Inside Yoel Goldman’s very bad year
The newest plan for the New York Wheel is 210 feet shorter than the 2018 plans. (Cosentini Associates, Getty)
Honey, I shrunk the Wheel: Smaller ride planned for Staten Island
Honey, I shrunk the Wheel: Smaller ride planned for Staten Island
Modell's at 360 Fulton Street, Brooklyn (Google Maps)
Former Modell’s site in Downtown Brooklyn up for sale
Former Modell’s site in Downtown Brooklyn up for sale
Corey Johnson (Getty, iStock)
When NIMBYs attack: Why CoJo’s master plan won’t fly
When NIMBYs attack: Why CoJo’s master plan won’t fly
Mickey Rabina and renderings of his 452,132 square foot building. (Getty, Rabina, Ceruzzi Properties)
The 10 biggest new project filings in NYC
The 10 biggest new project filings in NYC
BRP Companies’ CEOs Geoff Flournoy and Meredith Marshall with an aerial 270 Nostrand Avenue in Bed-Stuy (Photos via BRP; Google Maps)
BRP Companies seeks rezoning for huge Bed-Stuy development
BRP Companies seeks rezoning for huge Bed-Stuy development
Charlie West at 505 West 43rd Street, Elad's Yitzhak Tshuva and Tishman Realty's Daniel Tishman (Photos via StreetEasy, Charlie West, Getty, Elad)
Tishman Realty strikes bulk condo deal with Elad Group
Tishman Realty strikes bulk condo deal with Elad Group
Charles Koch of Koch Real Estate Investments and 2777 South Las Vegas Boulevard (Getty, iStock)
Koch buys Las Vegas casino development
Koch buys Las Vegas casino development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...