Rendering of 564 St. John's Place showing older design; ( via Karl Fischer Architect)
In Crown Heights, on a quiet tree-lined block between Franklin and Classon avenues, rises the imposing red-brick façade of 564 St. Johns Place. Heritage Equity Partners is the developer and picked up the property in 2014 through a $24 million deal with the Rabsky Group. The 136,000 sq.ft.-project will bring nearly 200 rentals to the rapidly-gentrifying area. Toby Moscovits’ Heritage Equity Partners also has office buildings planned for 215 Moore Street in Bushwick and 25 Kent Avenue in Williamsburg.
The productive office of Karl Fisher are the designers and building permits were first filed way back in 2013. Since then, it appears the design has been dramatically altered, evolving from an oversized French chateau to a mighty faux-factory building. The nearly-finished product flaunts an intricate brick skin punctuated by operable casement windows. Two sections of the street-facing elevation rise taller and crenulate with pairs of bay windows.
564 St. John's Place as mid-July; CityRealty
THe building sides the Franklin Avenue shuttle to the east
There will be 193 apartments in all, comprised of 19 studios, 136 one-bedroom units, and 38 two-bedrooms. Per the floor schedule filed with the city’s building department, there will be 96 parking spaces, outdoor and indoor recreation spaces and a laundry room. There will be 7 apartments on the first floor and between 24 and 28 units on the floors above.
Last year, Madison Realty Capital provided Heritage with a $64 million loan to complete construction. Josh Zegan, Managing Partner at Madison, tells Real Estate Weekly that “Crown Heights is increasingly attractive to many new residents, who are drawn to the proximity to Prospect Park and reasonable housing prices as compared to Park Slope and Williamsburg.”
Google Earth aerial showing location of 564 St. John's Place (CityRealty)
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