Franklin Avenue Development Site

705 Franklin Avenue

Crown Heights

Cross Streets Prospect Place + Park Place
Lot SF 9,990 SF
BSF with 3.45 FAR 34,448 BSF
BSF with 4.6 Inclusionary Housing FAR 45,954 BSF
Subways
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Development 705 Franklin Avenue, Crown Heights
Ofer Cohen
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Overview

TerraCRG has been retained to exclusively represent the sale of the development site at 705 Franklin Avenue in Crown Heights, Brooklyn. The property is located directly on the corner of Franklin Ave / Park Pl.

This corner development lot is approximately *9,990 SF & allows for ~34,448 BSF with a 3.45 FAR, or ~45,954 BSF with a 4.6 Inclusionary Housing FAR. Currently, the property is occupied by a 1-story retail building with two, short-term retail tenants.

Crown Heights has recently seen new development interest with several new large developments filed, in construction or recently completed. New construction condo sellouts are achieving over $1,100/ SF, and rentals are in the mid $60’s/SF. The Franklin Ave corridor has also seen an incredible amount of interest in the recent years from retail & restaurants tenants with rents reaching well over $100/SF.

*The property is undergoing a tax lot separation to reapportion a small amount of square footage (~260 SF).

Attractions

705 Franklin is in a prime location as it is several blocks away from Prospect Park and the Brooklyn Museum, and the Brooklyn Botanical Gardens. It is also a short distance from 1000 Dean, one of the most sought-after office spaces for creatives in Brooklyn with a beer and food hall in Berg’n, and several other neighborhood amenities. The site is one block away from the Park Pl S train which goes to the Franklin Avenue C train, the Franklin Avenue 2,3,4,5 trains, and the B, Q trains at Prospect Park.

The Franklin Avenue retail corridor and surrounding blocks are filled with some of Brooklyn’s most popular bars and restaurants. Some of these include Gladys, Union Street Pub, Franklin Park, Domo Taco, The Crown Inn, and The Pulp & The Bean.

Brooklyn Museum
Prospect Park
Berg'n
1000 Dean Street
Brooklyn Botanical Gardens
Gladys
Union Street Pub
Franklin Park
Domo Taco
The Crown Inn
and The Pulp & The Bean.

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