JLL Arranges $54M Sale of Crown Heights Development Site

JLL Capital Markets arranged the $54.3-million sale of 970 Franklin Ave., a 289,957-buildable-square-foot development site located in Brooklyn’s Crown Heights neighborhood. A JLL team including Andrew Scandalios, Ethan Stanton, Brendan Maddigan and Michael Mazzara arranged the sale on behalf of The Continuum Company and procured the buyer, Isaac Schwartz.

The site is approved for the development of up to 355 residential apartments within a 10-story building. 970 Franklin Ave. is one block from Prospect Park, providing future residents with convenient access to one of the top green spaces in the city, and is surrounded by cultural and social attractions.

The neighborhood’s growing rental market has seen average vacancy hover around 1% since 2015, attracting an influx of private investment. Recently completed new developments include the 569-unit property at 54 Crown St. and 141 Montgomery St. Construction is currently underway on a 301-unit development at the adjacent 960 Franklin Ave.

On October 23, 2025, Connect New York Apartments Investment & Finance brings together leading owners, investors, developers, brokers, and lenders—all under one roof—to explore adaptive reuse strategies, capital markets challenges, distressed asset opportunities, and the dynamic complexities of New York’s multifamily market