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Nostrand Park » Blog Archive » The Curious Case Of 341 Eastern Parkway – aka “The Hole”

The Curious Case Of 341 Eastern Parkway – aka “The Hole”

"The Hole"

"The Hole" - The Curious Case Of 341 Eastern Parkway

341 Eastern Parkway aka “The Hole” – brilliantly named by Nick at ILFA - is a very curious case of  “gentrification” and development opposed to community revitalization.

“The Hole” is a vacant, 14,000 foot lot, at the bustling, NE corner of Franklin Ave. and Eastern Parkway – a long time commercial district in the community – that is seeing a recent burst of commercial revitalization in the last few years.

“The Hole” has an interesting history, as it was hoped to be, the grande, visual symbol of  “gentrification” in a “changing” Crown Height’s, by some in the real estate and business crowd.

In 2007, Brownstoner reported that,  architect Gene Kaufman  promised to: “build a new corner,  8-story, steel-framed,  residential condominium building – with retail on the ground floor, containing 80,000 square feet and 61 apartments.”

That plan fizzled, along with the economy.

For 3 years, nothing happened, besides Crow Hill’s lovely mural painting project that enlisted local artist and children to beautify the ugly wooden fence surrounding  “The Hole”.

Yet, it’s neighbor, Fisher’s  Supermarket – the small Mom & Pop like grocery store that’s been at 805 Franklin Ave. for 28 years -  managed to under go a total build out in 2011.

It was renamed Bob & Betty’s, in honor of owner Tony Fisher’s parents who opened the original Fisher’s on Washington Ave.

Perhaps it’s truly about revitalizing a community and it’s existing resources?

Rather than the complete overhaul and the displacement that usually accompanies “gentrification”.

Once again, there’s talk that “The Hole” is back on the market.

In Nov. 2011, according to Crain’s NY, Ofer Cohen, president of the Brokerage firm, TerraCRG Commercial Realty Group, was retained to exclusively market the site.

It was boosted that:  “This is a viable site for either condo or rental development, noted Mr. Cohen.  

Rents would fetch $42 to $45 per square foot, while a condo could get $575 to $600 per square foot depending on when the project launches, according to Brendan Aguayo, a residential broker.”

Sounds swell if you make in the mid six figures, but Crown Heights is an economically diverse community.  And apparently, Mr. Cohen’s vision may have been a little off as he is no longer the exclusive broker.

Yesterday, Pinnacle Realty, has two huge billboards listing their broker, David Junik, as the one to call for information about obtaining 341 Eastern Parkway.

Yes, 341 Eastern Parkway is a very curious case indeed.

“The Hole” sits at the busy intersection of the bustling and growing commercial strip of Franklin Ave., yet no investor seems to be able to close the deal on this piece of  “prime real estate”.

Perhaps their vision needs to be revised?

What do you think should be built at 341 Eastern Parkway?  And why?

 

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7 Comments »

  1. neighbor Says:

    “Yesterday, Pinnacle Realty, has two huge billboards listing their broker, David Junik, as the one to call for information about obtaining 341 Eastern Parkway.”

    No, they just hung some (unauthorized) vinyl banners for their business. They don’t have anything to do with that particular property. These are no different (aside from being bigger and uglier!) than the concert/party promotions that get posted on that corner.

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  2. Whynot_31 Says:

    Actually, I was told by Pinnacle staff that they now have the listing.

    More info here: http://brooklynian.com/forum/crown-heights-and-prospect-lefferts-gardens/the-curious-case-of-341-eastern-parkway-aka-the-hole#post-752743

    Know anyone who can convince him to lower his price?

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  3. Abeni G. Says:

    Yes, the vacant lot at 341 Eastern Parkway a very curious case indeed.

    I could not receive verification from either broker if they were handling the property or not.

    Though if TerraCRG is still truly the sole broker for the property, it seems very odd that they would let their competitor, Pinnacle Realty, post two huge signs on their listing.

    As this definitely gives the impression that Pinnacle Realty is now the broker for 341 Eastern Parkway’s.

    Yes, 341 Eastern Parkway is a very curious cases indeed.

    I would love to hear from anyone who has more, concrete information on the vacant lot at 341 Eastern Parkway @ the NE corner if Franklin Ave.

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  4. LRNYC Says:

    As I said on Facebook, a year before they tore it down this was the site of a beautiful bank with marble interiors and the works. They tore it down to create “the hole”, an appropriate name. Now they’ve covered up the beautiful murals (especially the Bob Marley one facing the Parkway) so it’s truly an eyesore. We would like to see a Crown Heights Museum on the site to preserve the rich ethic diversity in the area over the past few decades or something similar to what they did with Atlantic Terminal linking the busy underground subway system to above ground shopping.

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  5. beenherelongerthanyou Says:

    A year before the property was torn down it was in fact not a bank with beautiful marble floors it was a department bargain store next to a fried chicken spot and if my memory serves me correctly there was a hair salon on the property as well. The bank has not been part of that property for a loooooong time. Just clarifying for those who would like to know the actual truth.

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  6. just wants to walk Says:

    At least we have a little sidewalk on the north side of Eastern Parkway now. That’s the only change that has actually effected the community thus far.

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  7. TJ Stan Says:

    TRADER JOES!!!! Or Whole Foods, or an organic food co-op a la Park Slope. But my top choice is a super-sized, two-story Trader Joes.

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