NEW YORK CITY—Pacolet Milliken Enterprises—a privately owned investment company controlled by the shareholders of textile and chemical giant Milliken & Co.—has purchased a 63-unit luxury apartment building in Crown Heights, Brooklyn for $52 million.
Located at 341 Eastern Parkway, the eight-story building features ground floor retail space leased to Capital One, Starbucks, and Statcare Urgent Medical Care. The property is located on the northeast corner of Eastern Parkway and Franklin Avenue.
Eastern Consolidated senior director and principal Matt Sparks and associate director Alexandra Rossland arranged the purchase along with Bluejay Management. Eastern Consolidated director Scott Burk represented the buyer. The seller, and its representatives in the transaction, were not identified at press time.
“The buyer loved the location, calling it the Crown Jewel of Crown Heights,” Burk says. “It's truly the best building on the best corner in the neighborhood.”
Sparks continued, “Located just blocks from Grand Army Plaza and Prospect Park, Crown Heights has become popular with both renters and retailers and, as a result, we expect rents here to continue to grow.”
Rossland adds, “341 Eastern Parkway is beautiful building featuring spacious apartments with condo finishes, attractive layouts, high ceilings, stunning natural white oak floors, and private terraces or balconies. The highly desirable amenities include a doorman service, 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 building is located in the heart of Crown Heights on Franklin Avenue, Brooklyn's new restaurant row, and a short walk from the Brooklyn Museum, Brooklyn Botanic Garden, Brooklyn Library, and Prospect Park.
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.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
Located at 341 Eastern Parkway, the eight-story building features ground floor retail space leased to
Eastern Consolidated senior director and principal Matt Sparks and associate director Alexandra Rossland arranged the purchase along with Bluejay Management. Eastern Consolidated director Scott Burk represented the buyer. The seller, and its representatives in the transaction, were not identified at press time.
“The buyer loved the location, calling it the Crown Jewel of Crown Heights,” Burk says. “It's truly the best building on the best corner in the neighborhood.”
Sparks continued, “Located just blocks from Grand Army Plaza and Prospect Park, Crown Heights has become popular with both renters and retailers and, as a result, we expect rents here to continue to grow.”
Rossland adds, “341 Eastern Parkway is beautiful building featuring spacious apartments with condo finishes, attractive layouts, high ceilings, stunning natural white oak floors, and private terraces or balconies. The highly desirable amenities include a doorman service, 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 building is located in the heart of Crown Heights on Franklin Avenue, Brooklyn's new restaurant row, and a short walk from the Brooklyn Museum, Brooklyn Botanic Garden, Brooklyn Library, and Prospect Park.
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.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
