341EPW folks to develop Toomey's old spot

dmiami2 · October 2014

http://therealdeal.com/issues_articles/new-players-get-in-the-game/

In addition to 341EPW, Bluejay is working on two more residential projects in Brooklyn, where Jacobson said he sees continued “upside opportunities.” In late 2013, the firm paid $800,000 for 608 Ocean Avenue in Flatbush, where it’s planning an eight-story, 20-unit rental. Also in late 2013, it shelled out $1.1 million for 258 Empire Boulevard in Crown Heights, where it plans to build 40 to 50 apartments.

whynot_31 · October 2014

Obligatory "before construction" shot:

For orientation, the bus is on Rogers, headed north.

whynot_31 · April 2015

258 Empire. SE corner of Empire and Rogers.

This lot is now listed for sale again. However, you won't be paying the $1.1M that Bluejay paid in late 2013: The asking price is now $3.2M

Quite a nice ROI. Here are the basics:

8,916 SF of development rights.

•Lot Size 7,133 Sf (100’ X 71.33’)
•2,828 built Sf (20' X 30')
•8,916 buildable Sf
•Zoned R5/C1-3

Here's the pitch:

"Epic Commercial Realty is exclusively marketing a property located at 258 Empire Blvd on the southeast corner of Empire Blvd and Rogers Ave.

The property’s prime location also offers the following benefits:

•Rising rents, one of the highest rent increases in any neighborhood in Brooklyn.

•The property is located two blocks from the Sterling St [2,5] train station.

I look forward to working with you. Please do not hesitate to contact me with questions.

Sincerely,
Yona Edelkopf

Asking price $3,200,000

Yona Edelkopf
CEO
Epic Commercial Realty
580 Broadway, Suite 1107
New York, NY 10012
Phone: (646) 278-4614
(646) 278-4614
Fax: (845) 504-4123
email: [email protected]
www.epic-cr.com"

whynot_31 · April 2015

Needless to say, anyone that buys this property for $3.2M will be betting that the area is upzoned, just like the folks who previously purchased it for $1.1M and hoped to build 40 - 50 apartments.

...they are going to need more than 8,916 BSF.

whynot_31 · July 2016

Demolition permit granted today, 6/29/2016.

http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=1&passjobnumber=321405555&passdocnumber=01

It sounds like it is for the wood property on the left. Note, both the wood building and the old Toomey's site are part of the same lot.

252 Empire

254 Empire

256 Empire

258 Empire

341EPW folks to develop Toomey's old spot

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