A trio of developers has snapped up a Brooklyn development site that once sparked a contentious rezoning battle.
Avery Hall Investments, the Brodsky Organization and Monadnock Construction bought the long-vacant development site at 962 Pacific Street and an adjacent property at 863 Dean Street on the border of Prospect Heights and Crown Heights, Avery Hall principal Brian Ezra said. The assemblage sits within a sweeping rezoning along Atlantic Avenue.
The joint venture plans to build a mixed-use project in line with the city’s newly-approved Atlantic Avenue Mixed Use Plan. Maxim Capital Group provided the acquisition loan. Avery Hall and Brodsky will lead development of the project, while Monadnock will serve as general contractor.
One piece of the assemblage – the 16,500-square-foot lot at 863 Dean Street – traded for $16 million, according to brokerage Marcus & Millichap, which marketed the site on behalf of longtime owner Albert Appleton. The firm’s Matt Fotis said the listing drew more than 15 offers within a month.
Ezra declined to disclose the purchase price for the 33,000-square-foot lot at 962 Pacific Street, which sparked controversy in recent years over a failed rezoning effort by longtime owner Nadine Oelsner. That proposal, which called for roughly 150 apartments, a child care facility and manufacturing space, was blocked by City Council Member Crystal Hudson as the Adams administration pursued a broader neighborhood-wide rezoning.
That rezoning, approved last year, spans a 21-block stretch across Prospect Heights, Crown Heights and Bedford-Stuyvesant, opening the door to thousands of new residential units over the next decade, including a significant share of income-restricted housing under the city’s Mandatory Inclusionary Housing program.
Ezra said the developers plan to build a project “consistent with the rezoning,” but declined to provide specifics on unit count or square footage. Developments in the district must comply with affordability requirements mandating that roughly a quarter of apartments be set aside for lower-income households.
The AAMUP rezoning will allow a project with fewer affordable units than Oelsner was promising.
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