Lot @ 745 Franklin (Corner of Sterling) — Brooklynian

Lot @ 745 Franklin (Corner of Sterling)

I noticed that the vintage cars were gone and assumed something was going to happen and now a for sale sign has popped up.


Anyone know the asking price?  

Comments

  • This lot, the one Mazon's occupies, and the one that was briefly a community garden are the 3 on Franklin that are interesting.

    Given housing demand, I am not sure I'd bother having commercial on the first floors.
  • edited April 2014
    The obligatory present and future photos.
    745 1
    745_Franklin_Ave_(photo)
    rendering:  cpex
  • April Fools, right whynot? Please tell me that that relatively gigantic building is not going on that corner.
  • Click eastbloc's link above.

    Much of the neighborhood is zoned for such density.
  • A six story building? In New York City, of all places? No!
  • Hey guys. I didn't ask for a zoning lesson or a smart ass remark about how common tall buildings are in New York City. I asked whether there are plans to build the picture of the building that whynot posted on that lot.
  • NYC BIS seems to be returning error messages at the moment:

    Search block 1245, lot 9.   Or, just enter 745 Franklin Avenue.

    Given that construction has yet to begin, I think it is safe to assume that the first floor retail will not be ready as CPEX advertises, "4th Quarter 2014".

  • I have been WAITING and WAITING for a location of Retail Store to open up in the neighborhood.  So excited.


  • The building may be as small as 5 stories. It is an 1875sf lot with max FAR of 4.0. The zoning floor area is 7500sf. A corner lot in R7A zone allows 80% lot coverage. This yields a floorplate of 1500sf. 7500 / 1500 = 5 stories. However, the maximum building height is 80', so a developer may choose have smaller floorplates and more floors. Since the lot is relatively small to begin with, I think larger floorplates make more sense in terms of usable area.
  • Work began today. Dirt is being loaded into this truck.

    image
  • edited May 2014
    image

    745 Franklin Avenue
  • edited August 2014
    Tenants are still being sought for this not-yet-constructed building


    This is high profile enough location that it could easily become a bank or a branch of some corporate chain.    
  • Interesting.  I didn't think these plans were final.  There's certainly no movement now, and that dirt removal was probably for the back of 747 (there wasn't any dirt on 745, and I don't think any digging was done -- I could be wrong).
  • edited December 2014
    Yes, in retrospect, it does appear the above truck was just using 745 to remove 747's dirt.

    I suspect 745 won't be built until they get a tenant. For example, if HSBC agreed to sign 20 year lease for a branch, the landlord would probably be willing to build to suit.
  • I'm not sure why that would be. 

    For one thing, if I were HSBC, I wouldn't sign a 20-year lease on a non-existent building.  And the rest of the structure, which I presume would be residential and at a minimum 12 units, would easily justify the development effort, at which point more commercial tenants could be attracted to an actually existing space.
  • edited December 2014
    HSBC apparently agrees.

    The owner is presently earning $ thru appreciation, which may partly explain the delay.

    ...the former garden site also still remains vacant.
  • They're earning equity, which as you of course known is unrealized income.  I agree there's little risk for sudden depreciation in this market.  I assume the owner does not need the money and can let the chips continue to ride.

    Another factor is the cost of construction in this market -- it's easily double what it was in 2009, and it's bound to go down again once demand starts to slow.  The trick is making the right bet in terms of timing the cost against the return.  

    It's entirely possible the plans aren't at any risk of being realized soon, and that the whole project is just bait for an exorbitant buyout by a professional developer.
  • Being able to credibly state "I have had big corporations willing to sign leases for x amount" is a good strategy in that regard.
  • edited January 2015
    @eastbloc -

    @crownheightster reports:
    I was walking past the site (747) a few days ago, when work was being done, and the workers mentioned that they were fixing up the existing building, and once it was completed, they would begin construction on the empty lot (745). 
    Both properties are/were handled by CPEX, so this could explain why the same contractor is being used, and why we haven't seen progress here yet.

    http://www.brooklynian.com/discussion/43860/747-franklin-to-become-brooklyn-winery#Item_32
  • Despite the 6 story rendering provided above. Approval has "only" been sought for a 4 story building + penthouse.

    Said plans are presently being considered by DOB.

    http://a810-bisweb.nyc.gov/bisweb/JobsQueryByLocationServlet?requestid=1&allbin=3418301&allstrt=STERLING PLACE&allnumbhous=660

    @howncreights , at first glance it does not appear to include any commercial space. You'll have to keep waiting for a location of Retail Store in the neighborhood.
  • That's quite puzzling.  Retail Store would have been a hit on that corner.  
  • edited April 2015
    I infer that their attempts to attract Retail Store were not successful, and decided to go residential as a result.

    I believe any new buildings over 4 stories require an elevator, which (given the size of this lot and absence of interest from a credible Retail Store) likely influenced their decision to build only 4 stories.

    http://www.nyc.gov/html/dob/downloads/bldgs_bulletins/bb_2011-018.pdf
This discussion has been closed.