Overview

TerraCRG has been retained to exclusively represent the sale of the 100,875 BSF mixed-use development site on the corner of Franklin Avenue and Dean Street in the Crown Heights section of Brooklyn.

The ~21,929 SF site has 141 feet of frontage on Franklin Avenue and 153.7 ft of frontage on Dean Street. The property is zoned R7A which allows for up to 4.6 FAR with inclusionary housing bonus, giving the project a total of 100,875 buildable SF.

The property is located just a short distance from the 4,5,2,3 subway lines at the Franklin Avenue subway station and just a short distance from the Brooklyn Public Library, the Brooklyn Museum and Prospect Park. The property is only one stop from the Barclays Center with access to the D,N,R,B,Q Trains plus the LIRR, making the commute in and out of Manhattan under 20 minutes.

Crown Heights has seen tremendous transformation over the last decade with new residential development, strong retail, and a robust brownstone sales market that is rivaling park Slope. Last week, City Planning voted to approve the Crown Heights West Rezoning. The rezoning calls for parts of Franklin Ave to be up-zoned to R7A.

Franklin Avenue has seen a strong retail revitalization with the addition of new restaurants and boutiques servicing the new demographic. On the corner of Franklin and Eastern Parkway, Capital One signed a lease for a new construction retail space for approximately $100/SF.

Down the block, a joint venture between Brownstoner, BFC Partners and the Goldman Sachs Urban Investment Group is converting 1000 Dean Street, a historic 140,000-square-foot factory building into a creative office space, servicing the Brownstone Brooklyn entrepreneurial/creative class.