Pacolet Milliken Takes Prime Brooklyn Property
- Oct 12, 2016
By Keith Loria
Pacolet Milliken Enterprises has acquired 341 Eastern Parkway, a newly constructed, 63-unit luxury apartment building in Crown Heights, Brooklyn, from Bluejay Management for $52 million.
Eastern Consolidated arranged the sale.
“The appeal of the property was that it is the premier rental property in Crown Heights, a market that is expanding and will continue to expand and grow for the foreseeable future,” Matt Sparks, Eastern Consolidated’s senior director and principal, told MHN. “I think this was a smart time for the buyer to enter this marketplace because the Crown Heights neighborhood has established itself and will continue to grow and become more popular over time.”
The building features spacious apartments with condo finishes, attractive layouts, high ceilings, stunning natural white oak floors, and private terraces or balconies. Amenities include doorman service, a designer lobby with lounge, state-of-the-art fitness center, and a landscaped roof deck with stunning views of the Brooklyn and Manhattan skyline.
The eight-story building is also home to ground floor retail leased to Capital One, Starbucks, and Statcare Urgent Medical Care,
The property is located on the northeast corner of Eastern Parkway and Franklin Avenue, and is close by Brooklyn’s new restaurant row, and a short walk from the Brooklyn Museum, Brooklyn Botanic Garden, Brooklyn Library, and Prospect Park. Additionally, commuters can be in Manhattan in 15 minutes via the 2, 3, 4, and 5 trains at the Franklin Avenue Station in front of the property.
“The proximity to Prospect Park, Grand Army Plaza, the local restaurant scene on Franklin Avenue and of course superior transportation access all played a part in the appeal of the property for sure,” Sparks said. “Crown Heights has become popular with both renters and retailers and, as a result, we expect rents here to continue to grow.”
According to Sparks, the building is in perfect condition, with luxury finishes throughout the apartments and common areas, so there are no plans by the buyer for any immediate upgrades or renovations.
Scott Burk, Eastern Consolidated’s director, represented Pacolet Milliken Enterprises in the acquisition.