Biggest project filings: Developers propose 1,500 apartments in Gowanus
Feil Organization’s Downtown Brooklyn development tops November list
Five of the 10 biggest construction projects filed in November are in Gowanus.
Late in the month, the City Council approved a rezoning that allows for about 8,500 new apartments in an 82-block swath of the Brooklyn neighborhood.
Anticipating the City Council’s approval, and fearing the expiration in June 2022 of the controversial tax break known as 421a, developers have been filing permit applications for Gowanus sites in recent months, and the trend continued with five more in November, totaling 1,488 residential units.
With two non-Gowanus projects as well, Brooklyn dominated the November top 10 list. The remaining three projects were filed for sites in Manhattan.
Here’s the full list, ranked by square footage:
1. 356 Fulton Street, Brooklyn
The Feil Organization filed plans with the Department of Buildings for a 43-story tower in Downtown Brooklyn. The proposed 475,000-square-foot mixed-use building will feature 356 residential units and 114,000 square feet of commercial space. Crain’s reported that Feil aims to use 421a, which requires 30 percent of units to be affordable. The family-owned real estate investment and development firm assembled the site over years, completing it with the four-parcel acquisition in April of 360-370 Fulton Street from Modell’s and Weinstein Enterprises for $32.5 million. Slce Architects is the architect of record.
2. 1637 First Avenue, Manhattan
Extell Development plans a 22-story, 459-unit apartment building in the Yorkville neighborhood of the Upper East Side. The project is estimated to cost $120 million. Extell has decided to move forward with its plans despite some holdouts. As a result, the project is planned for the blockfront site on First Avenue between East 85th and East 86th streets, less one mid-block parcel and the corner lot at East 86th Street. Slce Architects is the architect of record.
3. 477 Smith Street, Brooklyn
Yoel Schwimmer of Apt Developers filed plans to construct a 29-story building in Gowanus. The 422,000-square-foot building would have 496 residential units and about 4,000 square feet of commercial space. The site, also known as 459 Smith Street, has been owned by Smith Street Owner, an entity backed by All Year Management’s Yoel Goldman, since the firm acquired it in 2017 for $48 million. The site is within the area rezoned by the city last month to allow for more residential units. About a year ago, the lender for the site owner was reportedly demanding debt payments of $66 million. ODA Architecture is the architect of record.
4. 267 Bond Street, Brooklyn
Property Markets Group wants to build a 21-story, mixed-use building featuring 344 residential units. The site is also benefiting from the Gowanus rezoning. The proposed 364,000-square-foot building is set to include about 32,000 square feet of commercial space. Led by developer Kevin Maloney, PMG bought the site in March for $9 million. Slce Architects is the architect of record.
5. 4650 Broadway, Manhattan
The Arden Group proposed a 20-story, mixed-use project in Inwood. The 351,000-square-foot building would have 222 residential units, 17,000 square feet of commercial space and 78,000 square feet of community facility. Handel Architects is the architect of record. In 2019, the Philadelphia-based developer acquired the site for $54 million, more than twice what the seller paid in April 2018. The property is located in an Opportunity Zone and in the area rezoned by the city last year after a protracted legal fight.
6. 1522 First Avenue, Manhattan
Extell Development filed plans for a 29-story mixed-use building on the Upper East Side, just six blocks south of its 1637 First Avenue development site. The proposed 323,000-square-foot building would not include residential units, but instead about 317,000 square feet of community facility and the rest commercial space. The community portion is likely to be medical facilities as the Hospital for Special Surgery is the subtenant of the site owned by Expert Management, according to property records. The development site consists of 10 lots occupying the full east blockfront between East 79th and East 80th streets. Perkins Eastman is listed as the architect of record.
7. 498 Sackett Street, Brooklyn
In addition to its 267 Bond Street project, PMG also plans to build a 21-story, 173-unit, mixed-use building on this Gowanus site. The 230,000-square-foot building is to include about 20,000 square feet of commercial space. PMG became the owner in March, according to property records, acquiring the site for $0 from the Allegretti family. According to a 2016 City Limits article, the family is jointly developing the two-lot site that was once home to its Bayside Fuel Oil. PMG paid for the removal of the oil tanks, the outlet reported. Slce Architects is the architect of record.
8. 251 Douglass Street, Brooklyn
Tavros Capital filed plans to erect a 13-story mixed-use building, taking advantage of the Gowanus rezoning. The 224,000-square-foot building would feature 261 residential units and about 50,000 square feet of commercial space. Tavros, a New York based real estate investment management and development firm, acquired the site for $22.5 million in April 2020. Fogarty Finger is listed as the architect of record.
9. 577 Union Street, Brooklyn
Tavros Capital also filed plans to build a nine-story building at this site in rezoned Gowanus. The 202,000-square-foot building would include 214 residential units and about 9,000 square feet of commercial space. Tavros bought the site in October 2019 for about $32.7 million. Fogarty Finger is the architect of record.
10. 1730 Bedford Avenue, Brooklyn
Jack Gold of Seventh Street Development Group wants to build a seven-story, mixed-use building in Crown Heights. The proposed 195,000-square-foot building is slated to have 57 unit residential units, about 56,000 square feet of commercial space and about 39,600 square feet of community facility. Rise Architecture is the architect of record.