Rendering of 54 Crown Street designed by Hill West Architects in Crown Heights, Brooklyn
By: Sebastian Morris 7:00 am on August 17, 2023
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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Brooklyn Carmel Partners Crown Heights Goldman Sachs JLL Residential Retail
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