Joel Schwartz takes Brooklyn resi plans downtown

The 2024 Olympic Games in Paris are weeks away, but Brooklyn landlord Joel Schwartz is going for gold in Downtown Brooklyn.

Schwartz filed plans for a 117-unit multifamily project at 236 Gold Street, Crain’s reported. The property is expected to include rental units, 30 of which the plans designate as income-restricted apartments.

The 14-story development would represent a departure for Schwartz, who typically builds smaller, boutique projects, but the developer is likely going to jump through some hoops.

Schwartz is requesting the city rezone the parking lot site, which is covered in weeds; it’s been largely vacant for decades. The site is zoned for shorter buildings than what the developer is proposing. He’s also asking planning officials to waive a parking requirement for the lot.

Schwartz acquired the property in 2022 for $3.7 million. His plans for the site include 30 affordable housing units, according to the application. The site is close to Concord Street and the Brooklyn-Queens Expressway overpass, as well as Flatbush Avenue.

He did not respond to a request for comment from the outlet.

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There has been a flurry of activity on Gold Street in recent years, which is not far from the Brooklyn Navy Yard. Three years ago, Solomon Feder opened a 13-story, 286-unit development at 260 Gold Street. Prior to that, Lalezarian Properties developed a two-building rental complex known as Bklyn Gold, which includes more than 500 units.

Schwartz’s recent projects have included a 12-unit rental project at 596 Metropolitan Avenue in Williamsburg and an ongoing 27-unit project at 352 Meeker Avenue. 

Last year, the developer’s Southside Units paid $12.9 million for a development site at 203-209 North 11th Street in Williamsburg, where Yisroel Greenfeld previously planned a 53-unit apartment building; Omny Associates was the seller in the deal.

— Holden Walter-Warner