Heritage Equity Partners and Rabsky Group’s big residential development is finally rising at 564 St. Johns Place, between Franklin and Classon Avenues in western Crown Heights. YIMBY reader Tectonic swung by the site earlier this week and and sent along his photos.
The building won’t be particularly tall, but it will fill a sizable piece of the block from the shuttle train tracks to Five Myles Gallery. The structure has reached three floors, and it will top out at eight stories by the time it’s finished. The project will hold 193 apartments divided across 136,864 square feet of residential space, for average units of just over 700 square feet.
The first floor will host a parking garage, 1,900 square feet of outdoor recreation space, 2,000 square feet of indoor amenities, and seven apartments. Each floor after that will include 24 to 28 units. The garage will have room for 96 cars, which is required by zoning, even though the Franklin Avenue stop on the 2, 3, 4 and 5 trains is just a block away.
Karl Fischer will be responsible for the design.
The 34,400-square-foot property used to be a low-slung parking garage, which was demolished at the end of last year. Workers broke ground in the spring, and the building began to rise above ground level over the summer. Construction signage says that work is expected to finish by fall 2016.
Rabsky Group acquired the property for $24,000,000 in April 2014, but they filed plans a couple months before that. The Williamsburg-based developer sold a controlling stake in the project to Heritage Equity last year, and that slice of the project may be worth as much as $30 million, according to Crain’s.