06.04.2021

THE NEW YORK TIMES

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07-15-2017

Permits Filed: 906 Prospect Place, Crown Heights

Last fall, Brownstoner reported that developer Jeffrey Gershon had picked up a fairly large lot at 906 Prospect Place in Crown Heights for $3,500,000. Now he’s filed a new building application to erect a five-story condo building on the plot between New York and Brooklyn Avenues.
The development would have 20 apartments spread over 22,040 square feet of residential space, for an average unit of 1,100 square feet. YIMBY wasn’t able to reach the developer, but the large apartments and upward trend in Crown Heights property values strongly signal condos. Three apartments on the first floor will be duplexes with basement space, along with one single-floor unit, and the upper stories will hold four apartments each.
Although parking isn’t listed on the permit, we assume there will be a parking lot since zoning requires it. The plans also mention a driveway. Current rules call for 10 parking spots, which will likely be next to the building.
The property is also part of the Crown Heights Historic District. That means the Landmarks Preservation Commission will have to approve the design for a new development and greenlight the demolition of the lot’s current occupant, a rather sad little two-story apartment building. Demolition applications have not yet been filed.
The plot measures 10,000 square feet, and its $3,500,000 sale price worked out to an impressive $143 per buildable square foot. While that’s high for Crown Heights, it was also more than double the asking price of $1,450,000.
Brookland Capital converted a mansion nearby at 875 St Marks Avenue into condos, and they hit the market last year starting at $449,000 for a 560-square-foot one bedroom. By the time 906 Prospect Place finishes construction, the owner could probably ask much more.
Chris Carrano of ADG Architecture and Design applied for the permit.
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