The Latest On 172-174 Montague’s Street Future Residential Highrise

So we were apparently a little tardy in our weekend post about the closing of Montague Street’s Hallmark store. Let’s make good by sharing the latest on the building planned for 172-174 Montague, which will replace the two-story structure that once held Eammon’s and Hallmark.

First, the Brooklyn Eagle reveals that new owner “BH 1 CD LLC,” is operated by principals Eli Stoll and Charles Dayan. A little more digging by BHB shows that the company is based at 499 Seventh Avenue in Manhattan. As previously reported, the 8,150/sf building (and 5,000/sf lot) sold for $12 million. The current 50-foot wide and 95-feet deep structure—which also has a cellar—was originally constructed in 1925, and does not fall within the Brooklyn Heights Landmark District and thus is not subject to its 50 foot height limit. According to Property Shark, the building was most recently assessed at a value of $1,699,650.

With a C5-2/DB zoning designation, the property is approved for 60,000 buildable square feet and “significant air rights,” with a demolition permit already issued by the Department of Buildings, the Eagle says. Originally, an application was filed to construct a 19-story, 66-unit mixed-use residential building—but was nixed by DOB July 10.

Besen & Associates, which brokered the deal, says the seller Robar, LLC (a private investor) “resisted the temptation to sell his air rights on several occasions after receiving unsolicited offers,” according to David Davidson, who represented the seller with Besen’s Lynda Blumberg. That includes a bid from the developer of the 34-story Archstone luxury rental next door, at 180 Montague Street. It was built in 1999, and sold in 2006 to residential REIT Archstone Smith for $101 million.

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  • Karl Junkersfeld

    May I add that the seller to Archstone was the infamous Bruce Eichner, who was the principal of Continuum Company. Yes, the same Bruce Eichner that owns the modern structure on Columbia Heights and Pierrepont. This building went through a protracted series of landmark meetings until finally completed. Also, he was the owner of the Margaret Hotel when it burned down and later replaced with another tall building, which was fought by the BHA among others due to its height. The JW now own the building which was sold by Eichner soon after being built. Bruce Eichner was one smart developer who was continually at odds with the neighborhood due to his predilection for building high structures in order to get the most bang for his buck.

  • ifsandsor

    So Eichner lives in the nabe ?

  • http://n/a Barbara Shernoff

    Ifsandsor:

    Eichner has lived in the Heights for many years.

  • Chris Vigarito

    Does anyone know when demolition is scheduled to begin?