Cayuga Capital files plans for 167-unit building in East New York
725 Van Sinderen Avenue (Credit - Michael Gelfand architect via DOB)
Cayuga Capital Management submitted a new building construction project for a 167-unit, 112,277 square-foot residential (R-2) building at 725 Van Sinderen Avenue in East New York, Brooklyn. The plan was filed with the New York City Department of Buildings on June 5, 2024 under job number B01043155. It calls for the construction of a 11-story building. The project is described in the filing as: propose a new 11-story multi-family affordable housing building. The architect is MHG Architects PC.
James Wiseman, a principal with the firm, filed the plans.
725 Van Sinderen Avenue
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | UTILITY ROOMS, ACCESSORY BUILDING STORAGE, BIKE STORAGE ROOM, COMPACTOR ROOM, DETENTION TANK, TELECOM ROOM, & LAUNDRY ROOM | Apartment | 15 | Residential | 2b | |
| 2 | Cellar | ACCESSORY SUPER'S & PROPERTY MANAGEMENT OFFICES, ACCESSORY COMPUTER LAB | Apartment | 16 | Residential | 2b | |
| 3 | 1 | THREE CLASS A APARTMENTS | Apartment | N/A | Residential | 2a | 3 |
| 4 | 1 | BUILDING LOBBY, ACCESSORY OFFICES (O.L. 21), COMMUNITY ROOM (O.L. 72), TENANTS FITNESS ROOM (O.L. 10), WELLNESS ROOM (O.L. 18) | Apartment | 121 | Residential | 2b | |
| 5 | 2 | EIGHTEEN (18) CLASS A APARTMENTS (NOTE: TWO UNITS FOR AFFORDABLE INDEPENDENT RESIDENCES FOR SENIORS) | Apartment | N/A | Residential | 2a | 18 |
| 6 | 3 | EIGHTEEN (18) CLASS A APARTMENTS (NOTE: THREE UNITS FOR AFFORDABLE INDEPENDENT RESIDENCES FOR SENIORS) | Apartment | N/A | Residential | 2a | 18 |
| 7 | 4 | EIGHTEEN (18) CLASS A APARTMENTS (NOTE: TWO UNITS FOR AFFORDABLE INDEPENDENT RESIDENCES FOR SENIORS) | Apartment | N/A | Residential | 2a | 18 |
| 8 | 5 | EIGHTEEN (18) CLASS A APARTMENTS (NOTE: THREE UNITS FOR AFFORDABLE INDEPENDENT RESIDENCES FOR SENIORS) | Apartment | N/A | Residential | 2a | 18 |
| 9 | 6 | EIGHTEEN (18) CLASS A APARTMENTS (NOTE: TWO UNITS FOR AFFORDABLE INDEPENDENT RESIDENCES FOR SENIORS) | Apartment | N/A | Residential | 2a | 18 |
| 10 | 7 | EIGHTEEN (18) CLASS A APARTMENTS (NOTE: TWO UNITS FOR AFFORDABLE INDEPENDENT RESIDENCES FOR SENIORS) | Apartment | N/A | Residential | 2a | 18 |
| 11 | 8 | FOURTEEN (14) CLASS A APARTMENTS | Apartment | N/A | Residential | 2a | 14 |
| 12 | 9 | FOURTEEN (14) CLASS A APARTMENTS (NOTE: ONE UNIT FOR AFFORDABLE INDEPENDENT RESIDENCES FOR SENIORS) | Apartment | N/A | Residential | 2a | 14 |
| 13 | 10 | FOURTEEN (14) CLASS A APARTMENTS (NOTE: ONE UNIT FOR AFFORDABLE INDEPENDENT RESIDENCES FOR SENIORS) | Apartment | N/A | Residential | 2a | 14 |
| 14 | 11 | FOURTEEN (14) CLASS A APARTMENTS (NOTE: ONE UNIT FOR AFFORDABLE INDEPENDENT RESIDENCES FOR SENIORS) | Apartment | N/A | Residential | 2a | 14 |
The property
The industrial building in East New York has 20,200 square feet of built space and 69,750 square feet of additional air rights for a total buildable of 90,000 square feet according to a PincusCo analysis of city data. The parcel has three buildings with frontage of 250 feet and is 90 feet deep with a total lot size of 22,500 square feet. The zoning is C4-4L which allows for up to nan times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million.
Prior sales and revenue
The last property sale for this parcel was for $2.1 million on January 5, 2015.
The 20,200-square-foot property generated revenue of $177,992 or $9 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has not received any significant violations in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In East New York, The bulk, or 40 percent of the 44.5 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has near average sales volume among other neighborhoods with $378.8 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, East New York is the 10th most active neighborhood among other neighborhoods. It had 5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.
The block
On the tax block, there were two new building construction projects totaling 149,182 square feet. The largest is a 167-unit, 112,277 square-foot residential (R-2) building submitted by James Wiseman with plans filed June 5, 2024 and it has not been permitted yet. The second largest is a 28-unit, 36,905 square-foot residential (R-2) building submitted by Macquesten Development and filed by Rella Fogliano with plans filed December 31, 2015 and permitted June 29, 2016.
The surrounding
This is the first commercial real estate event of interest identified within the 400-foot radius of 723 Van Sinderen Avenue in the past 24 months.
Direct link to the property’s ACRIS page and link to DOB NOW portal.