JLL Capital Markets recently announced that it has arranged the $54.3 million sale of 970 Franklin Ave., a 289,957 buildable-square-foot development site located in Brooklyn’s Crown Heights neighborhood.
JLL arranged the sale on behalf of The Continuum Company and procured the buyer, Isaac Schwartz. The site is approved for the development of up to 355 residential apartments within a 10-story building.
Situated in the heart of the Crown Heights, 970 Franklin Ave. is one block from Prospect Park, providing future residents easy access to one of the top green spaces New York has to offer, and surrounded by cultural and social attractions, including high-end retail, restaurants, and bars.
A JLL Capital Markets team, including Andrew Scandalios, Ethan Stanton, Brendan Maddigan, and Michael Mazzara, arranged the sale.
970 Franklin Ave. is located within walking distance of several MTA subway and bus stations, providing access to neighborhoods across New York City. Its growing rental market has seen average vacancy hover around just 1% since 2015, attracting a substantial influx of private investment. Recently completed new developments include the 569-unit property at 54 Crown St. and 141 Montgomery St. and construction is currently underway on a 301-unit development at 960 Franklin Ave. directly adjacent to 970 Franklin Ave.
JLL is a leader in the New York tri-state commercial real estate market, with more than 4,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
