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54 Crown Street
Update
08/18/23
Developer Lands $233M Loan for Huge Crown Heights Rental Project
Developer and general contractor, , has just obtained a $233 million loan for a 17-story, residential project, going up at 54 Crown Street in Brooklyn's Crown Heights neighborhood. Issued by Urban Investment Group, a real estate and community development lending division of Goldman Sachs, this influx of capital will be used to fund all remaining construction costs for the project.
Designed by , the square foot building is set to contain rental apartments and square feet of ground-floor retail space.
Plans also call for 1,325 square feet of community facility space, and a large, enclosed parking garage, with enough room for vehicles.
The project site spans square feet and is bound by Crown Street to the North, Franklin Avenue to the East, and Montgomery Street to the South.
Construction has already begun and foundation work is currently well underway. The building's foot tall superstructure will be formed by concrete subcontractor, RC Structures, once subsurface construction wraps up. An estimated date of completion is not yet available for the project, but for a building of this size, a timeframe of 1.5 to 2 years seems realistic, factoring in all of the progress so far.
