Leasing Starts at Long Empty Building on Eastern Parkway in Crown Heights
A long-vacant prewar apartment building at 555 Eastern Parkway in Crown Heights has been renovated and is now leasing apartments starting at $2,500, as Brooklynian was the first to note. Known as “The Francis,” the four-story building has been empty since at least 2010, when Nostrand Park blog asked “Where did all the people go?” The 10-unit limestone has…
A long-vacant prewar apartment building at 555 Eastern Parkway in Crown Heights has been renovated and is now leasing apartments starting at $2,500, as Brooklynian was the first to note. Known as “The Francis,” the four-story building has been empty since at least 2010, when Nostrand Park blog asked “Where did all the people go?”
The 10-unit limestone has three listings up so far: two one-bedrooms asking $2,500 and $2,650, and a two-bedroom asking $2,700. The listings don’t have photos, but apartments have Cambria quartz countertops, central A/C, solid oak floors and stainless steel appliances. The rents are pricey for this part of Crown Heights, but we’re sure they’ll rent for close to asking if the renovations are nice.
555 Eastern Parkway Listings [StreetEasy]
Photo by Google Maps
Just because a building has been vacant for a number of years, it is still rent stabilized.
If the filings with DHCR are not current and the registered rents are not correct, this can come back to blow up in the landlords face. Just as many other landlords trying to get their rents above the $2,500 threshold.
IE: if the last tenant was paying $900.00 a month x 20% vacancy allowance + 1/40 the cost of renovations. The landlord would need to spend $56,800.00 in that apartment to get it to $2,500.00
$56,800 cash is a lot to justify for one apartment to DHCR.