Five Story Residential Development Site at 960 Franklin Avenue in Crown Heights, Brooklyn Sells for $33 Million

Successful Sale of 960 Franklin Avenue in Crown Heights, Brooklyn

Bob Knakal and his team successfully closed the sale of 960 Franklin Avenue, a prime development site in Crown Heights, Brooklyn. The property, featuring a substantial lot size of 54,131 square feet and a buildable area of 360,626 square feet, presented a significant opportunity for large-scale residential or mixed-use development.

The sale was finalized on November 17, 2017, at a price of $33,000,000. Bob’s market expertise and strategic negotiations played a crucial role in securing the best possible outcome for the seller.

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Sale Details

Positioned in a rapidly evolving neighborhood, 960 Franklin Avenue attracted significant interest from developers looking to capitalize on the area's strong growth potential. The property’s size, zoning, and proximity to major attractions made it a valuable asset for future development.

Sale Price: $33,000,000
Sale Date: November 17, 2017
Property Type: Development Site
Lot Size: 54,131 square feet
Buildable SF: 360,626 square feet
Price per Buildable SF: $91.51
Stories: 5

Property Overview

960 Franklin Avenue offered a rare opportunity for large-scale development in Crown Heights. The site’s zoning allowed for a substantial buildable square footage, making it ideal for a high-density residential or mixed-use project.

Its location provided strong potential for future growth, given the ongoing transformation of Crown Heights into a highly sought-after area for new developments.

Full Address: 960 Franklin Avenue, Brooklyn, NY 11225
Zoning: Development
Building Type: Development Site
Lot Size: 54,131 square feet
Total Buildable SF: 360,626

Strategic Approach to Maximizing Value

Bob Knakal’s strategy involved leveraging the site’s scale and zoning potential to attract competitive interest. By positioning the property as a unique opportunity within Crown Heights, Bob and his team were able to drive strong demand.

Negotiations focused on securing the best possible terms, ensuring a swift and efficient transaction that maximized value for the seller.

Neighborhood Overview

Crown Heights has become a highly desirable location for real estate development, offering:

Proximity to Prospect Park – One of Brooklyn’s most iconic green spaces, enhancing the appeal for residential development.
Strong Transit Access – Well-connected to Manhattan and other boroughs via multiple subway lines.
Rising Demand for Housing – A growing population and increasing interest from developers looking for large-scale projects.
Vibrant Cultural Scene – Home to the Brooklyn Museum, Botanic Garden, and a diverse mix of retail and dining options.

Conclusion

The sale of 960 Franklin Avenue highlights Bob Knakal’s ability to navigate complex development transactions and secure optimal outcomes for property owners. By leveraging market insights, strategic positioning, and a strong network of buyers, Bob successfully closed this deal at a competitive price, reinforcing Crown Heights' status as a prime development hub.