The pit at EP and Franklin is for sale...

vaportrail

Agreed tsarina, the Pit is probably a better location, but marginally so. Maybe warranting a 10% higher bid/unit?

Also, to your point of the glacial moraine, the owners applied to permit a taller building (around 11 stories I think) that would have made the the building the highest structure in Brooklyn. That was denied.

Regardless, all floors on the western sign above floor #4 will have City views.

tsarina

but only the Pit will have a view of "THE PARADE"

whynot_31

tsarina said:

but only the Pit will have a view of "THE PARADE"

If something is ever build in the pit, I hope the people who decide to live there realize that (as new people), they will not be entitled to have opinions on whether they consider the parade to be a plus or a minus, or modified in ANY WAY.

[this post is sarcastic. It's goal is to have the reader think]

whynot_31

A friend who is an urban planner took a quick look at how the site is zoned:

the EP/Franklin Ave corner lot seems to be zoned R7-1 with a C1-3 overlay. In terms of use, it can have groups 1-6.

Groups 1 and 2 are residential uses.

Group 3 are community facilities such as schools, libraries, museum, dorms, nursing homes, residential facilities.

Group 4 allows churches, hospitals, ambulatory heal care facilities.

Group 5 allows transient hotels.

Group 6 allows retail and service establishments such as food stores, small clothing stores, beauty parlors and dry cleaners.

From my reading, a hotel that fronted onto Franklin would be permitted. The FAR for the commercial would be 2, which would mean that the lot size X2 is the square footage allowable for the hotel.

On top of the hotel, they could put residential. Now if the building were only residential, then it could have an FAR of 4.

However, if the bottom were a hotel, then on top of the hotel could be another FAR of 2.

Just because the FAR is 2, doesn’t mean you get a two-story building. One needs to subtract side lots, back lots, etc. from the floor plate. So, if a building covers 50% of the lot and has an FAR of 4, it can be 8 stories. Also part of the building could be higher than other parts. For instance on the very corner could be a 10-story tower connected to 2-story buildings projecting to either side with a back yard area.

Thanks friend!

whynot_31

Anyone have any gossip on whether this advertising blitz by the seller (complete with "one month only, act now!") resulted in any bids?

Were any bids accepted?

vaportrail

Whynot, why don't you call up the broker and tell him you represent a buyer that is late to the party??? It wouldn't be completely untrue! ;/)

whynot_31

Fine. Curiosity is now getting the best of me.

Today, I went to the broker's website.

I learned the property is still listed, despite having a "bid deadline of November 22nd": http://looplink.loopnet.com/17393347/terracrg

I emailed the broker, stating that I was curious if it was now in contract.

I know that asking for a courtesy may not result in a response, but I didn't have in me to impersonate someone who had actual money and interest. That would be just cruel.

whynot_31

I have heard (from a source I deem reliable) that the owner will either attempt to develop the property on his own, or re-list it with some other real estate agent.

As of today, Jan 4, 2011, this property no longer appears on the realtor's website.

...the future of this site remains unknown.

vaportrail

oy vey Eli! He's been trying to develop it on his own for the last 3 years. No bank in it's right mind will lend $15 million to someone with zero Real Estate Development experience. And no one will partner with him because his demands are too high . . . . . sigh . . .

capt. planet

Sounds like a nasty mix of ignorance and greed. An often lethal cocktail, financially speaking. I look at some of the absurdly over-priced real estate now on the market in Crown Heights and wonder how the broker and the seller can both be that ignorant and greedy. As PT Barnum put it, there's a sucker born every minute!

whynot_31

I suspect that Mr Eli Mazon may also be trying to recoup expenses that are no longer possible: Mr. Eli Mazon paid an architect, did all of the DOB filings, demolished his department store, and then had a foundation laid. ...only to lose financing and/or get cold feet.

Meanwhile, Mr Ernst Cange (owner of the car repair business at the intersection of Washington and Grand) did much better: Mr Ernst Cange paid an architect, did all of the DOB filings, and then stopped.

In the end, Mr Ernst Cange continues to have a viable auto repair business on his site, whereas Mr Eli Mazon is left with severe financial losses.

The best the community may be able to hope for is for Mr Eli Mazon to eventually accept that he will lose money regardless of whether he builds or not, and that he will lose LESS money if he builds. Given the financial pressures, I'd expect Mr Eli Mazon to have a shoddy building constructed, by the lowest bidder, and for it to have lots of cut corners.

Likewise, I'd expect the financial pressures on Mr Ernst Cange to cause him to not put a dime into making his auto repair business more attractive.

notsayin

Great research and insight here. I admit my initial comment on the "CityBenches" thread about a Shake Shack replacing Mr. Cange's business (someday) was a bit simplistic, but I hope you see my point. That lot could be such a cornerstone in helping create an attractive 'central square' outdoor space someday. Even if the entire lot were developed as a mixed-use residential/retail building, it would at least be more attractive - and connective - than the current automotive graveyard.

Is it me, or anecdotally, are we seeing a (relatively) lot of activity in the formerly vacant lots and stalled developments on and near Washington recently?

The corner of Washington and Pacific is being excavated. The midrise at 394 St Marks near Grand is alive again after three years of stasis. The lot with the foundation at 328 St. Marks has a new set of permits.

I even noticed that the "For Sale" sign on the corner garage (formerly Mario's) at Washington and Dean came down this week. Though I wonder if that one has something to do with the owner of the surrounding lot and Brooklyn Beer & Soda building preparing to take over that space now that the beer wholesaler has moved out. The manager told me he thinks the owner may open his own beverage store in the same storefront.

whynot_31

Yes, we seem to be getting a lot of developers concluding that their best option at the moment is to build market rate rentals. A few years ago, the environment caused them to build condos.

I'm just glad housing continues to get built, because I agree that this neighborhood still holds the potential to create a lot more housing, jobs, and second rate restaurants.

I love me some good mediocrity.

dmiami

It would be interesting to know how well the Plex is doing. That has got to be the biggest rental play around here since the hospital, no?

whynot_31

Yup, but back on topic:

Here's a video of the site, that I think really sets the mood:

After you are finished with the video, here's a fun retrospective thread, written about this site 5+ years ago as the prior building was being demolished:

http://www.brooklynian.com/forums/topic/eastern-parkway-and-franklin-ave

Needless to say, Franklin Avenue has radically changed and many of the wishes of the posters have been realized, despite this site becoming a "ugly hole".

Mr. Mazon had every right to be optimistic, but he seem to have over done it.