EDRE Development plans 12-unit building in Williamsburg

Harel Edery, founder of EDRE Development submitted a new building construction project for a 12-unit, 17,988 square-foot residential (R-2) building at 50 South 2nd Street in Williamsburg, Brooklyn. The plan was filed with the New York City Department of Buildings on November 29, 2023 under job number B00968657. It calls for the construction of a seven-story building. The project is described in the filing as: proposed 7-story residential new building filing. The architect is Issac & Stern Architects, P.C.

EDRE Development bought the parcel for $7.6 million on June 21, 2023.

The filing in some locations identifies the development site as tax lot 38, which abuts the vacant development property in the middle of the block and has an address 39 South 3rd Street. However the developers note in the filing they submitted the plan on the neighboring property because they claim they had not received the required Topographical Bureau approval, which had been “delayed for months.”

According to filing notes, “Respectfully requesting to review this plan against Tax/Zoning Block 2415, Lot 16. The mentioned property was undeveloped since 1961 and doesn’t have active BIN. We had to file as this due to deadline on Project Financing on client’s end. We are currently waiting for TOPO approval which has been delayed for months. Kindly note that this project will be transferred under according BIN as soon as established.”

The property

The lot is irregular. The zoning is M1-4/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.8 million.

Prior sales and revenue

The 12,172-square-foot property generated revenue of $256,099 or $21 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 Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 3rd highest sale turnover among other neighborhoods in the city with $2.7 billion in sales volume in the last two years. For development, Williamsburg is the 9th most active neighborhood among other neighborhoods. It had 4.1 million 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 block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 6,150 square feet of the 61,556 square feet. The two identified owners are EDRE Development and Shulem Herman. On the tax block, there were two new building construction projects totaling 95,910 square feet. The largest is a 28-unit, 77,922 square-foot residential (R-2) building submitted by Michael Walsdorf with plans filed November 10, 2016 and permitted June 27, 2017. The second largest is a 12-unit, 17,988 square-foot residential (R-2) building submitted by EDRE Development and filed by Harel Edery with plans filed November 29, 2023 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 39 South 3 Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. One of those five items was a sale which EDRE Development bought the 0-square-foot industrial (G7) on 50 South 2nd Street and two other properties for $7.6 million from Cerbert S.J. Noonan on June 27, 2023. Of those five items, four were loans above $5 million totaling $77.5 million. The most recent of the four was Shulem Herman in which borrowed $5.5 million from S3 Capital secured by the 275-square-foot, one-unit retail building (K1) on 66 South 2nd Street and two other properties on November 17, 2022.

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