Carmel Partners landed a $233 million loan to complete a 17-story rental building at 54 Crown Street in Crown Heights, Brooklyn. Designed by Hill West Architects, the structure will contain 569 apartments, 182 enclosed parking spaces, around 7,500 square feet of ground-floor retail space, and a 1,500-square-foot community facility.
Renderings of the building illustrate a mixed-material façade primarily comprised of brick and glass for the first ten floors. Above these levels there is a setback volume enclosed in reflective glass with asymmetrical dark metal accents.
JLL arranged the loan, which was provided by Urban Investment Group, a specialized lending division within Goldman Sachs Asset Management.
Street view of undeveloped conditions at 54 Crown Street in Crown Heights – via Google Maps
Carmel Partners acquired the site in 2018 for around $41 million. Progress was slow to take off, however, following rezoning disputes between ownership and then Mayor Bill de Blasio, who opposed the amendments.
Years later, the project is moving forward, but without a publicly disclosed construction schedule or completion date.
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behind closed door deal I would not be surprised, 569 units, once again in gentrifying crown heights, those units and a good amount of them need to be truly affordable housing, not more market rate, or high middle units, lets see what AMI will come with these units, that area needs TRULY AFFORDABLE HOUSING also on Franklin ave
Dear gawd it’s ugly…
Construction started at 54 Crown Street (f/k/a 46 Crown Street) which was a commercial site. Specifically the Sea Crest Linen Supply facility. I’ll be watching the progress of the construction.
Yes I hope it’s affordable apts in our neighborhood. This is not yuppie land or uptown . Where is our people that we voted in on this? We do not and still don’t need all these tall buildings blocking views and sun. If working people in our neighborhood cannot afford it then it should not be built.Housing is everyone right including minorities.