Steven Shi Files Plans for 30-Story DoBro Debut

Steven Shi is ending the year by beginning a first venture into Brooklyn.

The developer behind FBL Development and Golden Stone Management filed plans for a 30-story, 158-unit project in Downtown Brooklyn, Crain’s reported. The site at 245 Duffield Street is home to a vacant two-story building, formerly a Planet Fitness gym.

The permits submitted to the Department of Buildings call for a 100,000-square-foot project with 4,600 square feet of ground-floor retail space. Residential amenities will include a golf simulator, swimming pool, sauna and fitness center.

It’s unclear if the units will be rentals or condos, though previously filed paperwork hints at the latter. The developer did not immediately respond to a request for comment from the publication.

The development plans were first reported by PincusCo.

Shi acquired the site towards the end of October for $31 million. Last week, the developer filed demolition plans with the city. It’s unclear how long the project will take to be completed.

FBL’s most prominent projects are largely spread out across Queens. Notable developments for the company include the 34-unit Northern in Flushing, the 52-unit Oasis in Astoria, the 29-unit LIC Loft in Long Island City and the 51-unit Ever Garden in Kew Gardens.

By jumping into Brooklyn — and specifically, Downtown Brooklyn — Shi is joining an area abuzz with development activity. In the first six months of the year, more than 3,700 units were delivered in DoBro, the most for the period since a 2004 rezoning of the neighborhood. Approximately 1,200 additional units were slated to be delivered by the end of next year.

A TRD analysis of new building permits filed with the New York City Department of Buildings between June 2024 and 2025 found that Downtown Brooklyn tops the city for new units in the pipeline.

Last month, Simon Dushinsky’s Rabsky Group and Joel Gluck’s Spencer Equity Group took over a long-term ground lease at 356 Fulton Street from Gary Barnett’s Extell Development in a $39 million deal. The pair plan to develop a massive residential project with about 200 condos, 299 rental units and 20,000 square feet of commercial space.

— Holden Walter-Warner