Court Square Real Estate files plans for 195-unit homeless shelter in Mt. Eden

David Sjauw, managing partner of Court Square Real Estate Partners submitted a new building construction project for a 195-unit, 123,422 square-foot homeless shelter (R-1) building at 1298 Inwood Avenue in Mt Eden, Bronx. The plan was filed with the New York City Department of Buildings on October 12, 2022 under job number X08008823. It calls for the construction of a 15-story building.
The architect is Curtis + Ginsberg Architects LLP. The project is described in the filing as: herewith filing fifteen (15) story new building building as per plans. Primary use group 3 – non profit w/ sleeping accommodations and use group 4 – community facility at the ground floor.

The property

The 1298 Inwood Avenue parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 20,000 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million.

Prior sales and revenue

The existing industrial building in Mt Eden has 40,000 square feet of built space and 80,400 square feet of additional air rights for a total buildable of 120,400 square feet according to a PincusCo analysis of city data.

The 40,000-square-foot property generated revenue of $469,367 or $12 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 since September of 2020.

The neighborhood

In Mt Eden, the majority, or 52 percent of the 10.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Mt Eden has near average sales volume among other neighborhoods with $81.3 million in sales volume in the last two years and is the 21st highest in Bronx. For development, Mt Eden has near average amount of major developments among other neighborhoods and is the 12th highest in Bronx. It had 769,925 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The surrounding

Within a 400-foot radius of 1298 Inwood Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Atlantic Development Group borrowed $12 million from Valley National Bank secured by the 201,090-square-foot, 256-unit rental (D7) on 1331 Jerome Avenue on January 28, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.