Tuesday, January 27, 2015

Crown Heights Gas Station to become 133-unit Apartment Building

Real estate development firm Adam America is planning to build a 133-unit rental building totaling 165,000 square feet at 1525 Bedford Avenue in Crown Heights. The project is expected to cost more than $100 million, and will include basement space and ground-floor retail. 20% of the project will be set aside as affordable housing. The company recently acquired the development site, about two blocks east of Prospect Park on the corner of Eastern Parkway, for $32.5 million.

The development will feature a package of building amenities aimed at attracting the more-affluent residents who are streaming into the neighborhood.

The eight-story mixed-use building, designed by Issac & Stern Architects, will have a basketball court, a roof deck, a gym and a lounge where tenants can go if they want to work from home.

1525 Bedford will have 28 apartments on the second and third floors, 17 apartments on floors four through six, 13 apartments on the seventh and eighth floors, plus ground floor commercial space, and a landscaped rooftop space.

Adam America has completed several residential projects in Brooklyn and is hoping to replicate the success it had with another rental building it built in the fast-changing neighborhood, a 77-unit property nearby at 500 Sterling Place. The developer fully rented it and then sold it for nearly $50 million in recent weeks.

"We weren’t even marketing that property for sale, but we received an offer that we couldn’t turn down," Mr. Sachs said of 500 Sterling Place. "It shows the level of interest in Crown Heights."

The developer is also building a $65 million, 75,000-square-foot mixed-use property at 120 Union Avenue.

A gas station and a car wash currently sit on the site, which occupies the whole block-front on Bedford Avenue between Lincoln Place and Eastern Parkway.

The developer needs to begin work on the building’s foundation as soon as possible because in June, the city’s 80/20 inclusionary housing program is up for renewal and could change to a ratio, such as 70/30, that is less favorable for market-rate apartments. 

Adam America is in talks with several lenders to finance the construction.

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