The Real Deal New York

Clinton Hill is getting another resi project

The development will hold 50 apartments
By Mary Diduch | January 21, 2019 03:00PM

1031 Fulton Street in Brooklyn (Credit: Google Maps)

As Brooklyn’s residential inventory continues to swell, another developer is planning a housing project in the borough.

Big Apple Developers pre-filed an application with the Department of Buildings to turn a plot of vacant land at 1031 Fulton Street into an eight-story mixed-use building. The 51,000-square-foot project will have retail space and 50 residential units, according to the application.

Big Apple Developer’s Daniel Kimya, listed on the application under the project’s owner, did not immediately return a request for comment.

Big Apple Developers picked up the site between Grand Avenue and Downing Street in March 2018 for $520,000 from Irvin Berkel, according to a record filed with the Department of Finance.

There are a few new high-end rental buildings in the immediate vicinity, including 1035 Fulton Street, where units were asking between $2,350 to 3,738 per month, StreetEasy shows.

Nearby, Ranger Properties filed an application to construct a nine-story, 112-unit residential complex at 445 Grand Avenue. That project will have community and commercial space, as well as a rooftop pool.

The price per buildable square foot in Clinton Hill averaged $387 in 2017, according to TerraCRG. That’s not far off from $390 in Downtown Brooklyn. And real estate experts say any rental project being developed for $350 per buildable square foot or more will need a strong retail component for the financials to pencil out.

Brooklyn has seen an onslaught of residential projects, and in 2019 the borough is expected to get 14,127 rentals, according to data from the Marketing Directors.