$146.5M plan submitted for Dycker Gardens condo in Borough Park

Guan Yu Li, on February 4, submitted plans for a 146-unit condominium, known as Dycker Gardens condominium, at 1238 63rd Street in Borough Park.

The condominium plan, CD210033, currently has a $146,505,000 sellout with the NYS AG. Guan Yu Li is listed as the principal of sponsor.

On February 15, PincusCo reported the filing as part of our residential broker leads.

The property was acquired by Barone Management as part of a larger purchase in 2018 for $37.5 million from the Sisters of Mercy. Barone and the city’s School Construction Authority own portions of the parcel, while Guan Yu Li owns lot 10, where the condo will be constructed.

The developer received a $35 million construction loan from lender Madison Realty Capital last summer.

In August of 2018, Li filed new building plans with the NYC DOB calling for a 30-foot tall, three-story, 169,015-square-foot building with 146 dwelling units.

The plans received initial permits in July of 2019.

Basic Groups Corp. is designing the building.

Amenities include a fitness center, recreation space, and a rooftop terrace. Reports stated the development will also have a swimming pool.