Development Watch: 840 Bergen Street
A little later to the game than some other neighborhoods, Crown Heights has seen some new developments get underway recently. Last week, we took a look at the 8-unit building going up at 717 Prospect Place; this week, we stumbled upon a much larger project at 840 Bergen Street. After purchasing the one-story warehouse for…
A little later to the game than some other neighborhoods, Crown Heights has seen some new developments get underway recently. Last week, we took a look at the 8-unit building going up at 717 Prospect Place; this week, we stumbled upon a much larger project at 840 Bergen Street. After purchasing the one-story warehouse for $5,250,000 in 2005, the owners are in the middle of putting up a five-story, 67-unit building. The design, which isn’t far enough along to get a feel for yet, is by Manhattan-based Kutnicki Bernstein Architects. Anyone know if this has an affordable component? If not, this would have to be the biggest market-rate project in the area yet, no? Any other big Crown Heights developments underway that we should check out? GMAP P*Shark DOB
After our attorney had thoroughly reviewed the seller’s (sponsor’s) purchase agreement for 475 Sterling, he highly recommended that we not go any further, as the agreement is heavily slanted in the favor of the sponsor, with little to no protection of the buyer’s down payment, as well as multiple references to “Time of the Essence,†which ultimately protects the sponsor. Our attorney also said that in some cases he has applied a statement to the agreement stating that the buyer has decided to go through with the purchase anyway against his recommendations; however, he said that this purchase agreement is so unfair and unjust to the buyer that he would drop us as a client, and we would need to seek new representation, if we decided to proceed with this purchase. We have decided to let this one pass.
155: Sales at 475 Sterling are brisk. At least brisk enough that the developer isn’t willing to negotiate on asking prices or closing costs.
^franklin and eastern pkwy is a gene kaufman building, it’s on his site
There’s a mid-size building going up on Bedford between Bergen & St. Marks. Does anyone know what they’re planning to do with the great big hole in the ground on the corner of Franklin & Eastern Parkway?
Across the street from 475 sterling (and down the street a bit) is a huge lot that’s had equipment digging stuff up on and off for the last year.. Anyone know anything?
How are sales at 475 sterling?
Anyone have information on the development that is going up on Bergen next to the elementary school between Vanderbilt and Underhill? It seems to be at a slight standstill however I am interested in whether its condos or rentals.
You can find an elevation on the project architects’ “on the boards” section. Looks pretty straightforward. It trys to break the mass down into “Brooklyn-sized” buildings. Only time will tell if it’s successful.