Eastern Parkway Rental Building Sells for $52m

A 63-unit rental building on Eastern Parkway has been sold for $52 million, after being purchased as a vacant lot in 2012 for $8.3 million.

Pacolet Milliken Enterprises, a privately owned investment company controlled by the shareholders of textile and chemical giant Milliken & Company, has purchased 341 Eastern Parkway in the Crown Heights section of Brooklyn for $52 million, according to Eastern Consolidated. The deal closed on Oct. 6.

The eight-story building at 341 Eastern Parkway sits at the intersection of Franklin Avenue and Eastern Parkway, directly above a subway stop, and near the popular retail strip along Franklin Avenue.

The seller, Bluejay Management, bought the property as a vacant lot in 2012 for $8.3 million, according to property records.

The 84,860-square-foot doorman building with a mix of studios, one-bedrooms and two-bedrooms opened in 2014. Only two units are being marketed — a studio listed at $2,196 a month and a one bedroom for $3,111 a month, according to StreetEasy. Retail tenants include Starbucks, Capital One and Statcare Urgent Medical Care.

4 Comments

  • 2. DeClasse' Intellectual wrote:

    What will the new owners do as far as remodeling, (b) space and (3) rents????????That is the question down the line!!!!!!

  • 4. DC wrote:

    Makes absolute sense if you calculate $52M divided by 63 units – that puts each unit at or below retail market for CH.

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