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Another new residential building being built in Brooklyn

In our last post, we highlighted the growing rental opportunities in Brooklyn. Indeed, the building boom may still provide some opportunities in Manhattan, but the price points in Brooklyn make the borough an attractive option; especially considering the number of new buildings being built.

A recent globest.com report described another new development that will ostensibly be completed thanks to a $63 million loan. The proceeds will be used to complete a planned development at 564 St. Johns Place in the Crown Heights section of Brooklyn. The property will have more than 163,000 square feet and have 193 apartment units. 

The property previously served as a rental facility’s parking lot. When it is completed, it will be an eight story residential building featuring 19 studio apartments, 136 one bedroom apartments, and 38 two bedroom units. The building will also feature an abundance of outdoor space as well as parking that will hold 87 vehicles.

As we noted in prior posts, the development is likely being built with millenials in mind. The surrounding area reportedly offers an abundance of restaurants, shops and entertainment venues. Additionally, the proximity to Prospect Park is likely to draw new residents from outside of Brooklyn.

Heritage Equity Partners will hold a controlling interest in the property, which is currently valued at $30 million.

While the initial framing is in place, there is no set date for completion. In the meantime, it is very likely that property managers will begin accepting rental applications for 2017. As such, if you have questions about rental opportunities and negotiating proper leases, an experienced real estate attorney can help. 

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