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Acquisitions

Carmel Partners buys 46 Crown Street

Isaac Hager is the seller

Rendering of 46 Crown Street (Credit: NYC City Planning)

Ron Zeff’s Carmel Partners has acquired a Crown Heights development site at 46 Crown Street from Isaac Hager’s Cornell Realty Management for around $40 million. Carmel is betting on a major upzoning. 

Dig Deeper: If approved, Carmel can build a 428,000 square foot building with 390 apartments. Of those units, 105 would be set aside as affordable rentals.

Let’s break down the complex zoning process… The application is currently being reviewed by the community board. From there it must be approved by the borough president’s office and the City Planning Commission. The last step is a vote in front of the City Council.

Worth Noting: When it comes time for a vote at the City Council, members typically defer to the the politician representing the district that is being upzoned. In this case, the local Councilwoman is Laurie Cumbo who has been supportive of developers in the past, according to TRD.

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