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A controversial Crown Heights development site has traded hands for the second time in less than two years at what appears to be a healthy profit.
A limited liability company tied to Brooklyn developer Yitzchok Schwartz has purchased 124-130 Montgomery St., the former Spice Factory site near the Brooklyn Botanic Garden, for $64 million, property records show. The seller was an LLC linked to nursing home operator Centers Health Care and its co-owner Daryl Hagler, who had purchased the site in November 2022 for about $42.4 million.
Schwartz has already filed plans with the Department of Buildings for a large, new residential project at the site. It would stand 7 stories and 74 feet tall with 289 residential units and 145 parking spots. The project would span about 240,000 square feet. Schwartz filed plans for it Friday, the same day the deed appeared in property records.
The project is similar to one that Zev Golombeck, whose firm owned the site for decades before selling it to Hagler, had filed plans for in June 2022; it would have stood 6 stories tall with 293 residential units. It is not clear why that plan was scrapped.
Developers Lincoln Equities and Continuum Co. had also previously planned to develop a huge residential project at the site that would have spanned 1 million square feet. The firms were under contract to buy the property in 2017, but their plans proved extremely controversial and ultimately fell through.
The site, also addressed at 960 Franklin Ave., is currently home to a 5-story industrial building spanning about 67,000 square feet, according to city records. Demolition permits were filed for it in early April.
Hagler and Schwartz could not be reached for comment by press time. A representative for Centers Health Care declined to comment.
Hagler’s real estate dealings themselves have also proved controversial recently. New York Attorney General Letitia James filed a lawsuit against Centers Health Care in June 2023 accusing the firm of mistreating and neglecting its nursing home residents while Hagler allegedly used company profits to buy $130 million worth of Brooklyn and Queens real estate.
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Eddie Small , 2024-05-03 18:20:26
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