Developer plans 200-unit mixed-use project at East NY border

Affordability would be required by inclusionary zoning law

New York /
Sep.September 22, 2020 07:30 AM
2700 Atlantic Avenue (Google Maps)

2700 Atlantic Avenue (Google Maps)

A developer has filed plans to build a 200-plus unit apartment project at the border of East New York and Cypress Hills.

Joel Schwartz, through an LLC, filed a permit application last week for a 238,506-square-foot, 14-story building at 2700 Atlantic Avenue. It calls for 227 residential units, according to the city’s Department of Buildings.

Because it is in a recently rezoned area, the project is subject to the city’s Mandatory Inclusionary Housing program, the agency’s website indicates, which means that 20 percent to 30 percent of the apartments will be set aside as affordable. The developer didn’t immediately return requests seeking more information on which of the program’s affordability options he would pursue.

East New York is one of the six neighborhood rezonings approved since the program’s passage in March 2016. The de Blasio administration had initially sought to complete 15 rezonings but ran into opposition from local City Council members and activists, and the mayor has been focused on other issues.

City Limits reported this month that 187 affordable units have been created in East New York under the program since the neighborhood’s rezoning. The city once projected that rezoning 190 blocks in East New York, Cypress Hills and Ocean Hill could create as many as 3,538 affordable apartments by 2030.

Schwartz’s LLC purchased seven adjacent parcels that form the development site in 2018 for $11.5 million, according to documents filed with the city’s Department of Finance. Shortly after buying the property, Schwartz filed a permit to demolish a one-story building there.

The year prior, Schwartz filed a permit application to build a 79-unit residential building at nearby 820 Glenmore Avenue.





    Related Articles

    arrow_forward_ios
    ZD Jasper Realty's Jasper Wu with 23-17 41st Avenue (ZD Jasper, Google Maps, Getty)
    GTJ sells East New York warehouse; Kartsonis, Wu cut deals
    GTJ sells East New York warehouse; Kartsonis, Wu cut deals
    A photo illustration depicting the massive changes at 2797 Atlantic Avenue (Google Maps, Getty Images)
    Church plans 343 apartments in East New York
    Church plans 343 apartments in East New York
    Arlington Village at 3100-3124 Atlantic Avenue in East New York, Brooklyn (Google Maps, Getty)
    Developing in downtrodden areas gets dicey
    Developing in downtrodden areas gets dicey
    50 Pennsylvania Avenue (LinkedIn, Pennrose)
    Supermarket nabs 20K sf at Pennrose project in Brooklyn
    Supermarket nabs 20K sf at Pennrose project in Brooklyn
    3100-3124 Atlantic Avenue in East New York, Brooklyn (Google Maps, Getty)
    Locals fear homeless shelter king will gentrify East New York
    Locals fear homeless shelter king will gentrify East New York
    Durst's Douglas Durst and 44-02 Vernon Boulevard (The Durst Organization, Google Maps)
    Investors in huge LIC project buy out Durst for $97M
    Investors in huge LIC project buy out Durst for $97M
    CBRE's Chuck Leitner and Amazon warehouses at 12555 Flatlands Avenue and 12595 Flatlands Avenue (March Associates Construction, CBRE, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    CBRE affiliate buys two Amazon warehouses for $230M
    CBRE affiliate buys two Amazon warehouses for $230M
    (LoopNet, iStock)
    City demanding more affordability in apartment projects
    City demanding more affordability in apartment projects
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...