News:
Brokerage
Posted: October 14, 2025
JLL sells Crown Heights development site for $54.3 million
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
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Quick Hits
Columns and Thought Leadership
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
