109 Montgomery Street, 12-Story Building Planned

southeast

"Earlier today, an application was submitted to the Department of Buildings to erect a 12-story, 173-unit apartment building – likely rentals – mid-block between Washington and Franklin avenues.

The 173 apartments will be spread over 132,000 square feet of net residential space, for an average unit size of 760 square feet, with between 11 and 16 units per floor."

NIMBY: http://newyorkyimby.com/2015/03/12-story-karl-fischer-building-planned-for-109-montgomery-street-crown-heights.html

southeast

"But while Airbnb host-turned-anti-displacement-advocate Alicia Boyd is throwing racially charged bombs at the community board and local politicians and holding up an effort to rezone the wasteland of Empire Boulevard, by-right projects nearby like 902 Franklin Avenue and 1 Sullivan Place are moving along. 

And now we can add 109 Montgomery Street to that list."

whynot_31

Let the record show that I called that one back in December, when jabbering on this thread: http://www.brooklynian.com/discussion/39234/the-sea-crest-linen-site-46-crown-st-/p1

Also of interest is 109 - 111 Montgomery St. It is located on the westside of the shuttle tracks, is a single story structure and is owned by the Botanical Garden as a science center.

http://www.propertyshark.com/mason/components/photo/pic_view.html?imgname=3-01190-0061.brcC570e&size=medium&type=

It would not surprise me if, in the somewhat near future, it was sold and then developed. A scenario could be that the first floor would remain a science center which would receive a 99 year from the developer. BBG could create a liquid endowment for itself...

I guess the BBG sold it!

whynot_31

Here's the obligatory "before" photo:



It deserves a place on my list of the Big 16 developments in western Crown Heights, which now contains 18.

...the world makes no sense!

http://www.brooklynian.com/discussion/44634/links-to-the-big-16-developments-in-western-crown-heights#Item_11

Also of note, the site will be developed by the same developer that will be busy at the nearby Sea Crest site: http://www.brooklynian.com/discussion/39234/the-sea-crest-linen-site-46-crown-st-#Item_10&nbsp

whynot_31

Here's an aerial shot from Bing:


Sea Crest site is to the right

mugofmead111

Twelve stories would be in line with the surrounding buildings, yes? 

At least it's not going to be 20 or 25 stories or more. 

I haven't seen much movement at 1 Sullivan Place though. That site has a couple of outstanding violations when I checked the DOB site this week.

whynot_31

This 12 story building will blend in nicely with the four, 7-story buildings that will be going where the adjacent Sea Crest Laundry plant sits.
http://www.brooklynian.com/discussion/39234/the-sea-crest-linen-site-46-crown-st-#Item_10&nbsp

Tivoli will still be the tallest, 33 stories.

This site will be among those discussed on an upcoming walking tour: http://www.brooklynian.com/discussion/45201/ms-whynot-and-whynot-design-the-2015-walking-tour-/p1

whynot_31

The developer closed on the site:
http://therealdeal.com/blog/2015/06/11/abehseras-pwr-picks-up-crown-heights-development-site/

whynot_31

Removal of the roofing material has begun. It goes to a different destination than other debris.

whynot_31

Update:
1. The plans for the building have grown. The plans used to be 132,000 BSF, and now one can build 168,000 BSF.

2. They are pitching this as a site for condos, not rentals.

3. The lot and the approved plans are AGAIN for sale, but they don't say for how much.

4. You can watch a snazzy drone video of the site:


quote:
"Hi (whynot_31),

I hope you had a great summer. We are pleased to exclusively offer one of the last remaining, sizable development opportunities along the north side of Prospect Park. The site is being delivered with DOB-approved plans for the development of a 168,000 GSF residential building.

111 Montgomery is situated in the heart of Brooklyn, surrounded by cultural landmarks and world-famous attractions. The site is directly across from the Brooklyn Botanic Gardens and Prospect Park, and is walking distance to the Brooklyn Museum, Grand Army Plaza and the Brooklyn Public Library. The offering is also close to various public transportation options, and is only one stop from Barclays Center & Atlantic Terminal. It is just a short walk to Eastern Parkway and the 2, 3, 4, 5 & S subway lines, and a couple of blocks from the B & Q, providing ample express access to Manhattan.

The immediate area has become the center of cultural activity in Brooklyn, and therefore most desirable among investors and residents alike. While neighboring Park Slope and Prospect Heights have very few large residential sites that could still be developed, 111 Montgomery offers the lifestyle and access of these established neighborhoods, just a short walk away. Condo sellouts on the other side of Grand Army Plaza are projected at $1,850 per SF, condos on this site — just a few blocks away — could be offered at $1,100 per SF, which will enable family-sized units of 2-3 bedrooms to be priced at the $1M to $1.5M mark, a sweet spot for the means of the current "Brownstone Brooklyn" demographic.

The 110 ft x 162 ft, slightly irregular lot is approximately 22,000 SF and is zoned R8A. The property currently has approved plans in place for a 12-story, 168,000 Gross SF building with 173 residential units. Units on the upper floors of the development will have clear views of Prospect Park, Manhattan and the Brooklyn landscape respectively.

For a quick aerial video tour, click here (see above). For the full offering memorandum, please call our office and speak with me or anyone on my sales team.

I look forward to speaking with you.

Ofer

Ofer Cohen | Founder & President | TerraCRG | 634 Dean Street | Brooklyn, NY 11238 |
T: 718-768-6888 | F: 718-768-6288 | [email protected] | terracrg.com"

whynot_31

Rendering:


Jabbering and photo: http://newyorkyimby.com/2015/10/revealed-111-montgomery-street-crown-heights.html

whynot_31

Bid deadline for the lot and plans is Friday, October 23rd. How about $30m?

Let's all chip in!

quote:

Hi (whynot_31),


As you may know, my team is exclusively marketing one of the last remaining, sizable development opportunities along the north side of Prospect Park at 111 Montgomery Street. I wanted to let you know that the preliminary bid deadline is next Friday, October 23rd, 2015.

The site is being delivered with DOB-approved plans for the development of a 12-story, 168,000 gross SF building with 162 residential units, a rare opportunity for this section of Brooklyn. The property is situated in the heart of Brooklyn, surrounded by cultural landmarks and world-famous attractions. The site is directly across from the Brooklyn Botanic Gardens and Prospect Park, and is walking distance to the Brooklyn Museum, Grand Army Plaza and the Brooklyn Public Library.

For a quick aerial video tour, click here. For the complete Offering Memo, Due Diligence access and Bid Form, please email me or call the office at 718-768-6888.

Looking forward to discussing.

Melissa


Melissa Warren | Partner | TerraCRG | 634 Dean Street | Brooklyn, NY 11238
T: 718-768-6888 | F: 718-768-6288 | [email protected] | terracrg.com

whynot_31

So far, I have raise $23.80 toward the purchase price of the approximate $30M purchase price.

I don't think I am going to be able to pull this off by COB today.

whynot_31

It appears as if they are going to put in a sidewalk shed soon.    Holes in the sidewalk were drilled for the posts recently, and the city issued a permit for same back in Dec.

Demolition of the walls might happen this spring.

 

http://a810-bisweb.nyc.gov/bisweb/JobsQueryByLocationServlet?requestid=1&allbin=3029723&allstrt=MONTGOMERY STREET&allnumbhous=109

whynot_31

While the roof has been demolished, the external walls appear intact.

This site continues to be one of the sites I believe will make a large impact on western Crown Heights:  http://www.brooklynian.com/discussion/47007/the-big-18-developments-the-whynot-31-wont-stop-talking-about?new=1

whynot_31

This lot sold for almost $25M.

 http://www.brooklyneagle.com/articles/2016/6/15/brooklyn-botanic-garden-sold-crown-heights-south-site-almost-25-million

"The latest permits indicate the building will encompass 168,236 square feet. If the new owner builds the current plans, the residential units, ranging from studios to three-bedrooms, should average 814 square feet apiece. Amenities include a 71-car underground garage, a pet spa, private residential storage, storage for 81 bikes, outdoor terraces on the ground, second, and rooftop levels, and a fitness center. Karl Fischer is the architect. Demolition permits indicate crews will begin to raze the existing single-story warehouse imminently."

http://newyorkyimby.com/2016/06/developer-acquires-site-of-12-story-162-unit-residential-project-at-109-montgomery-street-crown-heights.html

whynot_31

Demolition begins:  https://www.dnainfo.com/new-york/20160621/crown-heights/demolition-begins-at-245m-former-botanic-garden-site-crown-heights

whynot_31

I didn't get a photo, but the external walls are the only about the only part of this building that now remains.

This building will likely take about 3 years to complete, but its rents should far exceed those at area buildings that have been flipped.

For some perspective, here are a few units at 15 Crown Street in a pre-war building that is/was rent stabilized.

http://streeteasy.com/building/15-crown-street-Brooklyn

...the units have been flipped to just under the $2700 RS cap.

yesbrooklyn

Are they using the plans?  Meaning, are the renderings from before somewhat accurate?  Is there a way to know?

whynot_31

Before they use new plans, the DOB would have to approve them.   The application for an amendment or completely new plans would appear here:  http://a810-bisweb.nyc.gov/bisweb/JobsQueryByLocationServlet?requestid=3&allbin=3029723&allstrt=MONTGOMERY STREET&allnumbhous=109

At present, no new plans have been submitted.

whynot_31

The prior structure is now completely demolished.

whynot_31

This lot may benefit from a rezoning which is being considered for the area.

Those opposed to the rezoning will scream at CB9 on Wednesday, April 19th.

https://www.dnainfo.com/new-york/20170418/crown-heights/crown-heights-cornell-realty-development-public-hearing-gentrification

Note, CB9 does not have much ability to influence whether these lots are rezoned, but if you like to see people scream at a bunch of volunteers, you should go.

yesbrooklyn

The best part about their screaming is that it will no doubt be in the name of not allowing the rezoning that will lift the height of anything.  

If they did allow the rezoning there would be more affordable housing!

whynot_31

Affordable housing in this area is already doomed.

...this rezoning will just influence the rate at which it disappears.

uglyfloorlamp

update from the other thread: ULURP was killed by Cornell, today (for now), so here's to increased housing scarcity!

whynot_31

Here's to waiting until after Ms.Cumbo is re-elected to refile that ULURP request. 

dmiami2

The property on this thread already has approved plans (109 Montgomery) so I'm guessing they are still wrangling investors.   It does not seem like the city is holding anything up, but maybe i'm missing something.

crownheightster

Now I'm worried that Cornell will just follow the lead of the Fortis developers over in Boerum Hill and just build market-rate, as of right.

whynot_31

From a profitability perspective, it may better for the developers to build as of right.

They'll work the numbers...

whynot_31

"CIM Group paid nearly $30 million to buy into a Crown Heights site where LIVWRK has been planning a residential building, according to property records and LIVWRK CEO Asher Abehsera. LIVWRK purchased the vacant lot at 111 Montgomery Street in 2015 for $24.5 million from the Brooklyn Botanic Garden, and records show that CIM Group then paid $29.7 million on June 9 for its stake." https://therealdeal.com/2017/06/29/cim-buys-stake-in-livwrks-crown-heights-dev-site/

whynot_31

$57M in financing obtained. https://therealdeal.com/2017/12/28/cim-livwrk-get-57m-loan-for-crown-heights-project/ aka 111 Montgomery "Bank of the Ozarks provided a $57 million construction loan to the Crown Heights residential project that CIM Group and LIVWRK have teamed up on. Plans call for a 12-story residential building located at 111 Montgomery Street and designed by Karl Fischer. LIVWRK purchased the vacant lot from the Brooklyn Botanic Garden in 2015 for $24.5 million, and CIM Group paid almost $30 million to buy into the project in June. Representatives from Bank of the Ozarks and CIM Group did not immediately respond to requests for comment. LIVWRK CEO Asher Abehsera said the building would start to rise over the next few months. “You’ll see us in the ground soon,” he said. “We finished all of our design development, and we’re going to build an exceptionally handsome residential building.”