I think this site will sell pretty quick at this price, it certainly would on the north side of of EP. It'll be interesting to track as a barometer of both Crown heights in general and the appetite for investment south of EP.
It has a lot of BSF available. Whoever buys it for $1.9M will likely need to tear it down and build something larger in order to get a return on their investment.
Yes, that Bakery had a for sale sign on it about 8 years ago.... Also, the laundromat seems to be very busy, so i suspect the business is successful. Not sure it will support a 2M investment though...
The other laundromat across the stream has been papered up for a long time now.
The only way this is good news is if they replace it with a larger laundromat with newer machines, (I'd kill for machines that use cards you load with money instead of quarters) but that seems unlikely. I'm not sure what's going on with Grandma's Laundry across the street, but it looks like I might have to switch where I wash my clothes sometime soon!
This place is still for sale, and it just occurred to me that the Sea Crest development site is directly behind it. If I was developing that site it would seem a worthy investment to buy this property to extend the larger lot behind it to Franklin ave. Perhaps its a lot of legal work to combine the lots but I think it would be better than having your lobby on a dead end street.
If I were an investment firm I would line up Duane Reade as a renter, purchase 882 Franklin and 884 Franklin, and combine them for Duane Reade. Completion date: Aug 2017.
For the next 5 years, I would rent out the space to Duane Reade.
Then, in 2022, I would tear the buildings down and promise Duane Reade they could be a first floor tenant of the 8 story building I was constructing.
If I were an investment firm I would line up Duane Reade as a renter, purchase 882 Franklin and 884 Franklin, and combine them for Duane Reade. Completion date: Aug 2017.
For the next 5 years, I would rent out the space to Duane Reade.
Then, in 2022, I would tear the buildings down and promise Duane Reade they could be a first floor tenant of the 8 story building I was constructing.
These parts aren't known for many chain drugstores and there's already a rite aid on bedford between Montgomery and sullivan. Not to mention the Associated on Franklin between Crown and Carrol for those Quick-purchase items.
I went in to the Associated the other week. Not my usual shopping location. I was blown away by how expensive it was. The store was nice and they carried a good selection of items, but the prices were pushing comical. Made Bob & Betty's prices look bargain basement.
Many of the teas and larger seltzer bottles are priced the same as the Wholesome on Flatbush and Lincoln. Can't speak to other products, however. Or to how either compare to Western Beef.
So -roughly- 1200 additional units over the next five years.
...all of which makes me think the owner of this lot (be it a new owner or the old one) should try to pick up the lot next door and -if necessary- find some way to kill the next five years.
FWIW, there have been multiple reports that Walgreens (which owns Duane Reade) has been considering buying Rite Aid anyway. If that were to occur, that wouldn't necessarily preclude that spot from turning into a Duane Reade, as there are Duane Reades within a couple of blocks of another Duane Reade or Walgreens.
I can't wait for that merger to occur if and when it happens. The Rite Aid on Bedford is lacking.
Years ago there was a rumor that Walgreens wanted to open up on Empire Boulevard, but the intended building has known structual issues. The realtor is technically looking for a tenant, but realistically I'm expecting the ecisting structure to be torn down.
Walked by the former laundromat on my way to and from the Associated last night and there were people looking at the space. They were there for at least a half hour around 8p.
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The old bakery next door has got to go. The laundromat on the other hand is much needed. There aren't many in the direct vicinity. Grrr...
Just adding a better picture and CPEX's latest pitch: http://www.cpexre.com/system/assignments/packages/000/000/710/original/884_Franklin_Avenue_-_Setup.pdf?1459268206
It is also not certain that Franklin south of EP will be upzoned as part of the CB9 planning study.
...if the same entity ends up owning the laundry and the former bakery, AND the lots are upzoned, the return would be pretty nice.
Picture of the former bakery, 882 Franklin:
After that, the proposed rezoning may be approved and the building torn down.