JLL Capital Markets announced that it has arranged the $54.3 million sale of 970 Franklin Avenue, 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.
A JLL Capital Markets team, including Andrew Scandalios, Ethan Stanton, Brendan Maddigan, and Michael Mazzara, arranged the sale.
970 Franklin Avenue 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 Street and 141 Montgomery Street and construction is currently underway on a 301-unit development at 960 Franklin Avenue directly adjacent to 970 Franklin Avenue.
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.
The Continuum Company is a boutique development firm, headquartered in NYC and South Florida, focusing on innovative ground-up real-estate developments that are anything but cookie-cutter.
