Ron Moelis, CEO & founding partner, L+M Development Partners; David Thompson, CFO & principal, CIM Group; Two-Tower Project at 261 South Street, Manhattan, NY (CIM Group, L+M Development Partners)
Multifamily developments continue to drive construction in New York City, accounting for all of the city’s 10 largest building plans filed in September.
Brooklyn had four of the month’s 10 largest projects, followed by the Bronx with three, Manhattan with two and Queens with one. When it comes to the number of proposed units, however, Manhattan led the pack, thanks to a giant project in Lower Manhattan.
Below are September’s top 10 building filings, ranked by square footage:
1. 261 South Street, Manhattan
Two Bridges Associates, a joint venture of CIM Group and L+M Development Partners, plans to build a 73-story residential complex on a lot in Two Bridges. The proposed complex consists of two towers, connected at the base by a 14,500-square-foot community facility. The filing states that the complex will boast 1,803 units, but the correct unit number is 1,313, according to the developers. Handel Architects is listed as the architect of record.
The proposed development is one of the three major projects in the neighborhood that had been stalled amid opposition from community groups and the City Council, which sued in 2019 on the grounds that the proposed towers circumvented the city’s land use review process. The projects are now moving forward after the New York Court of Appeals declined to hear cases from two community groups, ending a lengthy legal battle.
2. 11 Ocean Parkway, Brooklyn
JEMB Realty is planning a 13-story mixed-use building on the edge of Windsor Terrace. The proposed 396,000-square-foot development would feature 375 residential units, along with about 4,200 square feet of community space and about 4,400 square feet of commercial space. The site, on the service road, is owned by the International Baptist Church, and in 2018, the Focus Property Group, led by Israel “Bobby” Dweck, signed a 50-year ground lease agreement with the congregation, with an option to extend 49 more years, according to property records.
The arrangement between JEMB and Focus Property is unknown, but Dweck has represented JEMB on multiple deals in the past, according to media reports. FXCollaborative Architects is listed as the architect of record.
3. 15 Hanover Place, Brooklyn
Lonicera Partners, a Brooklyn-based real estate investment and development company, wants to build a 34-story mixed-use building in Downtown Brooklyn. The proposed 300,000-square-foot building would boast 314 residential units, along with 12,000 square feet of commercial space. Fogarty Finger is listed as the architect of record. The property is owned by Lieberman Group of Staten Island, and in September, Lonicera Partners signed a 99-year, $28.9 million ground lease agreement.
4. 737 Fourth Avenue, Brooklyn
BEB Capital, a Long Island-based real estate development and investment firm, filed plans to construct a 14-story mixed-use building in Sunset Park. The proposed 188,000-square-foot building, a collaboration with Totem that was opposed by some activists, would consist of 185 residential units, along with 5,400 square feet of commercial space and 750 square feet of community space. BEB Capital acquired the property in 2018 for $7.15 million. Dencityworks Architecture is listed as the architect of record.
5. 85-03 68th Road, Queens
Manhattan-based residential real estate developer Prosper Property Group filed plans to build a seven-story mixed-use building in Rego Park. The proposed 150,000-square-foot building would feature 133 residential units along with 650-square-foot of commercial space.
The site, which is also known as 68-19 Woodhaven Boulevard, has been home for an auto body shop. In 2019, a group of investors, including Prosper Property Group, acquired it for $5.3 million and went through the city’s Uniform Land Use Review Process to get it rezoned for a multifamily development, according to the company’s website. Gerald Caliendo Architects is listed as the architect of record.
6. 586 Gerard Avenue, Bronx
The New Jersey-based Karten Organization filed plans to build a nine-story mixed-use building in the South Bronx. The proposed 147,000-square-foot building would feature 197 residential units, along with about 4,600 square feet of commercial space. Isaac & Stern Architects is listed as the architect of record. The property has been owned by Joshua Schuster’s Silverback Acquisition & Development, which acquired it in October of last year for $16.9 million.
7. 4180 Carpenter Avenue, Bronx
Mark Stagg’s Stagg Group filed plans to construct a five-story, 92-unit apartment building in Wakefield. The developer specializes in affordable housing and has constructed more than 3,500 units since 1996, according to its website. Marin Architects is listed as the architect of record. The Bank of New York Mellon came to own the property, which was sold in a tax lien sale in 2013. The Stagg Group’s connection to the site is not clear in property records.
8. 134 Jane Street, Manhattan
Aurora Capital Associates filed plans to develop an 11-story building on a lot just off West Street in the West Village. The 101,000-square-foot building will feature 15 residential units, along with 200 square feet of retail space. The property, currently a parking lot across the street from the Jane Hotel, has been owned by William Gottlieb Real Estate since the 1970s. Details of the arrangement between Aurora Capital and William Gottlieb Real Estate are unknown, but the two companies have previously teamed up on projects in the Meatpacking District. BKSK Architects is listed as the architect of record.
9. 450 Union Street, Brooklyn
Pilot Real Estate Group wants to construct an eight-story mixed-used building on a lot at the corner of Union and Bond streets in Gowanus. The proposed 81,000-square-foot building will feature 24 residential units and 25,500 square feet of commercial space. The Greenwich, Connecticut-based firm acquired the property for $12.3 million in 2014, public records show. BKSK Architects is listed as the architect of record.
10. 1220 Spofford Avenue, Bronx
The DOE Fund, a nonprofit that provides transitional housing for homeless and formerly incarcerated people, plans to build a six-story community facility and residential building on a lot at the corner of Spofford Avenue and Cassanova Street in Hunts Point. The proposed 63,400-square-foot building would feature 96 residential units and about 30,000 square feet of community space. Curtis + Ginseurg Architects is listed as the architect of record.