(coming soon to Eastern and Franklin?)
After four years of inaction at the corner of Eastern Parkway and Franklin, the lot at 341 Eastern Parkway has changed hands for $8,265,000. The new owners of the property are, according to the deed filed with the city yesterday, Eastern Parkway Partners LLC, a corporation that shares an address with BlueJay Management in Nassau County. BlueJay lists 341 Eastern Parkway as a "75,000 square foot residential development with a retail component" among their portfolio of properties "currently owned and managed." An image of what the development might look like (above) is available from IZ Design, the folks who designed the Classon, who list the property among their "current projects." Existing zoning regulations would require than any retail be accessed from Franklin, not Eastern (though the developer could make efforts to change that, as some retail is present on Eastern Parkway to the east).
As for that sign from Pinnacle Realty, reports are that they represented the new owners in the sale of the property (though the realtor listed, David Junik, has nothing about the property on his own page) and that they are not connected with the infamous slumlord (for those keeping score, this ILFA post was wildly off the mark).
We've had over 40 small business openings on Franklin Avenue since 2008, but this summer looks to be the summer of the big development. Readers, your thoughts?