Crown Heights’ newest big rental building is inching toward the finish line at 505 St Marks Avenue between Franklin and Classon Avenues.
The facade is complete, and most the windows have been installed. When YIMBY stopped by yesterday, we noticed that balconies had been set into each of the upper floors. The final product will rise eight stories and house 147 apartments. They’ll be divided across 99,821 square feet of residential space, yielding an average unit of just 679 square feet.
The building will also include 74 parking spots, even though the 2/3/4/5 and the A/C trains are situated about six blocks away at opposite ends of Franklin Avenue. The current zoning requires all that parking and prohibits ground floor retail, despite the grocery store across the street and a beer hall on the next block at 899 Bergen Street.
Prolific architects Issac and Stern designed the fairly unremarkable structure, and Yosi Cohen of Realty Within Reach is the developer. Construction began early last year, and seems likely to finish by the end of 2015.
505 St Marks will be the second large, market-rate rental to come online in Crown Heights in the last year. It follows on the heels of the eight-story development at 341 Eastern Parkway, which launched in July 2014 with a Starbucks on the ground floor.
Meanwhile, a few blocks south at 564 St Johns Place, Heritage Equity Partners and Rabsky Group have started work on their 193-unit rental development. That building will occupy nearly 140,000 square feet and take up close to half the block between the shuttle train tracks and Classon Avenue. Heritage bought a controlling stake in the property last year, and told Crain’s that the development was worth $30 million.