Wednesday, May 20, 2015

Holes in the Ground in Crown Heights



In case you've been living under a rock for the past few years, Brooklyn's hottest cross-over neighborhood "Pro-Crow" is literally on fire, and we don't just mean the corner of Washington Ave & St. Johns...




Which is now just a hole in the ground poised for a mixed-use project to come with apartments above.




Down the street, another hole in the ground is 564-570 St. Johns Place, which we tolja' sold for $177/bsf last year, no longer just a decaying garage...




It too is another hole in the ground ready for its tens of thousands of prime buildable square feet to be built.  You thought $48M was a big number for the fully-rented 500 Sterling Place with it's neighborhood-shattering rental numbers, try $24M for a piece of dirt at 564-570.  But pieces of dirt don't last forever.






Not quite matchy-matchy with what's across the street?  Who cares?




"Oh, but that pesky S train track is right there!"  Who cares?





This is the same block as Crown Heights' beloved once-outpost Franklin Park, people!




Which requires just once glance at practically any time of day to know that the hipster blessing have been received in this nabe.  No wonder everyone else on the block is getting into the act.  Like the now-unified front across the street...




Even the 20' wide dirt next door at 615 St. Johns Place sold for over a million last year and has its plans underway...




No wonder the commercial on Franklin continues to turn over...




No wonder owners on this same St. Johns block held out for every last penny on a 6-Family delivered vacant at 557 St. Johns.  No wonder 2 more projects on the same block as 790 Classon Avenue around the corner are following the same play book of gutting and building up and building back.

In the field of dreams of post-Slope Brooklyn, if you build it, they will come.  Then when they come, you can build some more.  And that fire?  It'll have its day in the sun too...



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