Employee of Spice factory (on Franklin near Sullivan) states rumors of sale are not accurate

So, to get 200,000 BSF, this sale will involve all of the northern portion of the property. (i.e. not the main building, or the large vacant lot to the south of the main building) Main building has google logo on it: shot showing whole property:

Today's article on the topic seems to indicate how few details are known: https://therealdeal.com/2017/09/19/eichner-partnering-with-lincoln-equities-on-giant-crown-heights-resi-development/ Bruce Eichner’s Continuum Company and Joel Bergstein’s Lincoln Equities are planning to develop a 1-million-square-foot mixed-income residential project in Crown Heights — one of the largest developments in the history of the neighborhood. Lincoln recently went into contract to buy two parcels at 120-136 Montgomery Street spanning a combined 88,800 square feet, as The Real Deal reported Monday. Speaking at the RealInsight New York Multifamily Summit on Wednesday, Eichner said the partners are buying a 120,000 square-foot assemblage and it wasn’t immediately clear which lot makes up the balance. He declined to say how much the partners paid for the site, but claimed the entire project will cost more than $500 million. Cushman & Wakefield’s Robert Knakal is brokering the land sale. The partners hope to develop four buildings and earmark 50 percent of the units for below-market rents in return for a rezoning that allows for more density. The project still has to go through ULURP and win city approval. According to Eichner, it will be built under the city’s Mandatory Inclusionary Housing program. Eichner also said he will develop the project with union labor. He claimed AFL-CIO’s Housing Investment Trust signed a letter of intent to finance the development in a bond deal that would cover 75 percent of the cost. The trust could not immediately be reached for comment.

@dmiami2 Yes, that lot is now confirmed. "The partners are also buying two adjacent lots at 964-968 Franklin Avenue." They updated the article. https://therealdeal.com/2017/09/19/eichner-partnering-with-lincoln-equities-on-giant-crown-heights-resi-development/ 966 Franklin, 964 Franklin, 968 Franklin, 120 Montgomery, 122 Montgomery, 124 Montgomery, 126 Montgomery, 128 Montgomery, 130 Montgomery, 132 Montgomery, 134 Montgomery.

The large building might have value as housing, so it might survive in some form.

Landmarking someone else's property against their will isn't as easy as some people believe it is. https://www1.nyc.gov/site/lpc/about/the-designation-process.page We live in a city with pretty strong property rights.

Fortress Investment Group has given a $35.4 million loan to Ian Bruce Eichner’s Continuum Company and Joel Bergstein’s Lincoln Equities for the acquisition of the site of their massive residential project in Crown Heights, The Real Deal has learned. The 18-month acquisition loan allows the companies to close on the site and finance their rezoning application, according to Eichner. The companies plan to develop four buildings on the parcels at 120-136 Montgomery Street and 964-968 Franklin Avenue with 50 percent affordable housing in exchange for a rezoning allowing for higher density. The residential project will span 1 million square feet, making it one of the largest developments in the history of Crown Heights. Eichner previously told TRD that the project would cost more than $500 million. AFL-CIO Housing Investment Trust is slated to provide the project with construction financing, and Eichner will only use union labor on the site as part of the deal. https://therealdeal.com/2017/11/20/eichner-lincoln-equities-closes-on-purchase-of-crown-heights-megaproject-site/

If they fail to get the rezoning, they are allowed to build fewer square feet, and buildings that are less high. As a result, they would only build market rate units. However, they could build fewer apartments. ...and they might not be able to recoup their $75M investment.