Compare supermarket brings in the builders!?

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Compare supermarket brings in the builders!?

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whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

It really takes the 'hood to another level, and I suspect people are paying more to live near it.

Yesterday the brokerage Massey Knakal put out a release saying a local developer has purchased a site at 505 St. Marks Avenue in Crown Heights and plans to construct a 128-unit rental. The existing building on the property, which is between Classon and Franklin avenues, is going to be demolished. The site sold for $4.5 million

http://www.brownstoner.com/blog/2011/10/big-new-rental-planned-for-st-marks-ave-in-crown-hts/

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 1 yr ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

Arrival of demolition equipment imminent.

http://www.brownstoner.com/blog/2012/07/making-way-for-rental-devo-at-505-st-marks-avenue/#disqus_thread

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 9 mos ago
homeowner
mod
Joined: Jan '06
Posts: 3,014

Unfortunatly, the new building probably won't replace the old day care that was here, which, I predict will be sorely needed in the next five years.

# Posted 9 mos ago
Epiclylaterd
getting it
Joined: Mar '12
Posts: 179

Definitely an interesting time, for better or for worse, to be living in the neighborhood. Since moving here in November, there's been so many things going on its almost hard to keep up.

# Posted 9 mos ago
Idlewild
rocking it
Joined: Sep '05
Posts: 2,795

My mom used to work in that day care center.

"Clamato! Straight Up! No chasah!

# Posted 9 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

With all of these market rate developments coming, thee is really no way that Compare could fail.

...yes, all of these new families will need Daycare, but I suspect they will have to go to a cheaper neighborhood, where land is less expensive, to obtain it.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 9 mos ago
eastbloc
comprador bourgeois
Joined: Jul '09
Posts: 902

Have you priced day care recently? I'm willing to bet it can make more money per square foot of real estate than a lot of the businesses on Franklin Ave.

# Posted 9 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

While Daycare might be expensive, it is often not very profitable to provide. Sadly, that tuition money goes quickly out the door in the form of expenses like insurance, teacher payroll and conformance to DOH regulations.

...Mercedes driving Day Care owners are rare.

Unless the owners obtain a clientele is able to pay for these expenses AND the convenience of being in an expensive neighborhood (which can be done...), the proprietors are wise to locate outside in a cheaper neighborhood.

Push that stroller east?

Hire a nanny?

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 9 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

Update Oct 13, 2102:
A construction fence has been erected, and an excavator has begun to gnaw away at the buildings

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 7 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

I'm pretty sure that whole block of St. Marks is zoned for greater than 6 stories, so it wouldn't surprise me if some of the remaining low rise structures on the block also sold, demolished and built upon.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 7 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

http://www.flickr.com/photos/atomische/sets/72157631800139193/with/8100582555/

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 6 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 6 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

Update late Feb 2013: Some foundation work is actively going on at this site.

Hopefully we will get to see some structural steel by May.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 2 mos ago
chloeroyale
getting it
Joined: Dec '12
Posts: 230

More rentals okay higher rents!

# Posted 2 mos ago
eastbloc
comprador bourgeois
Joined: Jul '09
Posts: 902

Yes, the rents will be infinitely higher than they are right now, considering we're talking about a dirt lot.

# Posted 2 mos ago
Epiclylaterd
getting it
Joined: Mar '12
Posts: 179

I predict this is going to be a tough next few years for Chloeroyale, accepting changes and coming to terms with reality.

# Posted 2 mos ago
chloeroyale
getting it
Joined: Dec '12
Posts: 230

Epiclylaterd it's a win win for me!! Trust me on that one!!!!

# Posted 2 mos ago
chloeroyale
getting it
Joined: Dec '12
Posts: 230

I don't think u should be concerned about me u need to look out for yourself! U just started the game!

# Posted 2 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

I find the concept of there being winners and losers interesting.

Each party (the renter, the landlord) agrees upon a price, which is correlated to their level of risk and investment, and things like age.

Without more information, I am not sure which role I would choose.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 2 mos ago
chloeroyale
getting it
Joined: Dec '12
Posts: 230

Please why not please!

# Posted 2 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

On the plus side, this development is likely to attract well qualified tenants, with good credit ratings, who I would have financial recourse against if they trashed the place.

On the negative side, they are likely to be very transient and picky in nature, causing me to have to pay a lot for property management.

On the plus side, the building should be new and easy to maintain when it is finally occupied.

Etc

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 2 mos ago
chloeroyale
getting it
Joined: Dec '12
Posts: 230

Oh that's so wonderful for u why not

# Posted 2 mos ago
newguy88
what am I, new?
Joined: Aug '12
Posts: 182

Epiclylaterd said:
I predict this is going to be a tough next few years for Chloeroyale, accepting changes and coming to terms with reality.

It's pretty easy for her I think. She'll just keep bashing the "new" people in the neighborhood and finding various things to complain about. I'm sure she'll be just fine.

# Posted 2 mos ago
chloeroyale
getting it
Joined: Dec '12
Posts: 230

Epiclylaterd let me check u now. I don't bash the new people in the area! I just tell u how I feel and I'm not alone in the way I feel. As for the new people soon there will be an exodus out of the area after the prices become unaffordable everything in this life is temporary . I won't dig into u too hard because mike will get on me again. U know he monitors me closely!!

# Posted 2 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

Epiclylaterd said:
Definitely an interesting time, for better or for worse, to be living in the neighborhood. Since moving here in November, there's been so many things going on its almost hard to keep up.

That is why I focus mostly on the big projects, like this one.

The opening and closing of small, storefront businesses are too hard to keep up with.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 2 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

March 10th:

I looked at the progress of this lot today.
a. Demolition is complete.
b. All debris has been removed.

Next steps:
-Dig a big hole for the foundation.
-Haul away the dirt.
-fun with cement.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 2 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

P.S. Those mourning the loss of the daycare center that was previously at this site, should note that it one was of several to lose city (ACS) funding as of the start of FY 2011 (July 1, 2011).

http://www.nynp.biz/index.php/breaking-news/1997-acs-lists-15-day-care-cen..

It isn't clear why this daycare center was selected to be among those closed, but ACS funds child care for families who are of limited means, and day care centers which are not able to maintain census are those at risk.

It could be that this center was no longer able to maintain census as a result of the area becoming wealthier, and that ACS chose to allocated its limited resources to areas of greater need.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 2 mos ago
Epiclylaterd
getting it
Joined: Mar '12
Posts: 179

Noticed some wood go up on the old post office next to Compare Foods. Anyone have a heads up what's going on?

# Posted 3 wks ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

If you are talking about the building that used to be radiology, I'm not sure that Alma has a tenant yet.

It is a big space. I'd be interested in it if I was CVS or Rite Aid.

Single story building on far left of photo, before shuttle tracks:

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 3 wks ago
Epiclylaterd
getting it
Joined: Mar '12
Posts: 179

That's the one

# Posted 3 wks ago
ehgee
getting it
Joined: Dec '12
Posts: 66

I want that "Radiation" lettering. That'd be a pretty boss decoration.

# Posted 3 wks ago
Epiclylaterd
getting it
Joined: Mar '12
Posts: 179

No idea why I thought it was a post office. Perhaps the overall depressing nature from the look of the building

# Posted 3 wks ago
dac545
rookie newb
Joined: May '11
Posts: 14

ehgee, I think some people agree with you on the lettering. I have noticed that several of the letters are missing already.

# Posted 3 wks ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

Photo taken April 27, 2013

At this point, the construction guys might be willing to knock them off for you.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 3 wks ago
HownCreights
rookie newb
Joined: Mar '13
Posts: 12

I think it's either office or residential-- they are punching smaller vertical windows every couple feet, not like what you'd expect for a commercial space. And for what it's worth, the work permit says they'res no change in owner or use.

Also, the work has been sporadic and not very professional looking. Hmmm.

# Posted 1 day ago
HownCreights
rookie newb
Joined: Mar '13
Posts: 12

Also no stirrings on the development site across the street? Who buys something for 4.5 million and then let it sit there? Apparently this is something people do.

# Posted 1 day ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,072

The delay at 505 may be occurring while the owners of the site look for investors, bank loans or work on more profitable jobs.

According to Street Easy, the architects are (were?) Issac & Stern.
http://streeteasy.com/nyc/building/505-st-marks-avenue-brooklyn

If they are still the architects, they will hopefully display the design on their website under residential: http://issacstern.com/

Nope, it isn't there yet.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 1 day ago