JLL sells Crown Heights development site for $54.3 million

Rendering of 970 Franklin Avenue - Brooklyn, NY

Brooklyn, NY JLL Capital Markets has arranged the $54.3 million sale of 970 Franklin Ave., a 289,957 buildable s/f development site.

JLL arranged the sale on behalf of The Continuum Company and procured the buyer, Isaac Schwartz. The site is approved for the development of up to 355 residential apartments within a 10-story building.

970 Franklin Ave. is one block from Prospect Park, providing residents access to one of the top green spaces New York has to offer, and surrounded by cultural and social attractions, including retail, restaurants, and bars.

A JLL Capital Markets team, including Andrew Scandalios, Ethan Stanton, Brendan Maddigan, and Michael Mazzara, arranged the sale.

970 Franklin Ave. is located near several MTA subway and bus stations, providing access to neighborhoods across New York City. Its rental market has seen average vacancy around 1% since 2015, attracting an influx of private investment. Recently completed new developments include the 569-unit property at 54 Crown St. and 141 Montgomery St. and construction is underway on a 301-unit development at 960 Franklin Ave. adjacent to 970 Franklin Ave.

Tags: Brokerage New York City

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