Developer submits 8-unit, $16.4M condo plan in Greenpoint

Yishai Shalev Barkai as principal of the sponsor 144 Freeman St LLC, filed to create eight residential condominium units in a building at 144 Freeman Street in Greenpoint, Brooklyn, called the 144 Freeman Street Condominium that has a $16.4 million sellout, according to a September 19, 2022 submission to the New York State Attorney General, CD220205.

Iluz Shai of 144 Freeman St LLC submitted a new building construction project for an eight-unit, 9,991 square-foot R-2 building at 144 Freeman Street. The plan was filed on March 8, 2017 and was permitted on February 23, 2018. It calls for the construction of a 47-foot-tall, four-story building and was filed with the New York City Department of Buildings under job number 321500069.

The 144 Freeman Street parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $583,000.The most recent loan totaled $7.5 million and was provided by Quanta Finance on December 17, 2021.

The walkup building in Greenpoint has 9,980 square feet of built space for a total buildable of 10,000 square feet according to PincusCo analysis of city data. The property is owned by Shai Iluz.

According to city public data, the property has received 11 DOB violations, $51,875 in ECB penalties, and $52,655 in OATH penalties in the last year.

On this tax block, PincusCo has identified the owners of 15 of the 26 commercial properties representing 94,325 square feet of the 283,426 square feet. The largest owner is Richard Musial, followed by Bilal Demirovic and then Nick Nanas. On the tax block, there were two new building construction projects totaling 23,426 square feet. The largest is a 10-unit, 13,435 square-foot R-2 building developed by Idan Shitrit with plans filed March 13, 2017 and permitted August 29, 2019. The second largest is this eight-unit, 9,991 square-foot R-2 building developed by Iluz Shai with plans filed March 8, 2017 and permitted February 23, 2018.

Within a 400-foot radius of 144 Freeman Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. Of those six items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $260,000, one permit with a total initial cost of $554,640 and one initial temporary certificate of occupancy issuance for a project that initially costed $1.6 million. The most recent of these three items was the filing on June 10, 2021 for a 6,024-square-foot M building with zero residential units at 150 Green Street. Of those six items, three were loans above $5 million totaling $17.3 million. The most recent of the three was LTNG which borrowed $5.3 million from SME Capital secured by the 3,900-square-foot, six-unit rental (C2) on 153 Freeman Street and one other property on April 4, 2022.

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