Express Builders files plans for 210-unit building in Red Hook, second on block
35 Otsego Street (Credit - Cyclomedia)
Joel Braver of Express Builders, through the entity Express Builders JB Inc., submitted a new building construction project for a 210-unit, 126,815 square-foot residential (R-2) building at 35 Otsego Street in Red Hook, Brooklyn. The plan was filed with the New York City Department of Buildings on December 2, 2024 under job number B01142698. It calls for the construction of a eight-story building. The project is described in the filing as: new building application to construct 8 story residential building for senior housing. The architect is Aufgang Architects.
This is the second large building project Braver filed for the tax block. Tax lot 1 is going to be subdivided into three tax lots. This project is on tax lot 1, and is called Building A. The first project filed, a 371-unit, 227,085 square-foot residential (R-2) building at 498 Columbia Street in Red Hook, Brooklyn, will be on tax lot 3, and is called Building C. That plan was filed with the New York City Department of Buildings on March 6, 2024 under job number B00830930. It calls for the construction of a eight-story building. The project is described in the filing as: new building application to construct mixed use building.
Plans for the third project, set for tax lot 2, and to be called Building B, have not been filed yet.
35 Otsego Street
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | 1 | ACCESSORY MAIL ROOM AND LOBBY INDOOR RECREATION | Apartment | 293 | Residential | ||
| 2 | 1 | (14) FOURTEEN CLASS A DWELLING UNITS | Apartment | N/A | Residential | 14 | |
| 3 | 1 | SUPPORTIVE HOUSING OFFICES | Custodial Care Facility | 44 | Business | ||
| 4 | 2 | (28) TWENTY EIGHT CLASS A DWELLING UNITS | Apartment | N/A | Residential | 28 | |
| 5 | 3 | (31) THIRTY ONE CLASS A DWELLING UNITS | Apartment | N/A | Residential | 31 | |
| 6 | 4 | (31) THIRTY ONE CLASS A DWELLING UNITS | Apartment | N/A | Residential | 31 | |
| 7 | 5 | (31) THIRTY ONE CLASS A DWELLING UNITS | Apartment | N/A | Residential | 31 | |
| 8 | 6 | (31) THIRTY ONE CLASS A DWELLING UNITS | Apartment | N/A | Residential | 31 | |
| 9 | 7 | (22) TWENTY TWO CLASS A DWELLING UNITS | Apartment | N/A | Residential | 22 | |
| 10 | 8 | (22) TWENTY TWO CLASS A DWELLING UNITS | Apartment | N/A | Residential | 22 | |
| 11 | 0 | STAIR AND ELEVATOR BULKHEADS | Apartment | 74 | Residential |
Prior sales and revenue
The ground lease was sold by Quality Capital for $7.2 million to Solomon Feder on January 21, 2022, but it’s unclear what the actual economic value of the transaction was.
Violations and lawsuits
According to city public data, the property has received four DOB violations in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Red Hook, The bulk, or 40 percent of the 11.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Red Hook has near average sales volume among other neighborhoods with $107 million in sales volume in the last two years and is the 34th highest in Brooklyn. For development, Red Hook has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 60,740 square feet on the block.The identified owner is Solomon Feder. On the tax block, there were two new building construction projects totaling 353,901 square feet. The largest is a 371-unit, 227,085 square-foot residential (R-2) building submitted by Express Builders and filed by Joel Braver with plans filed March 6, 2024 and it has not been permitted yet. The second largest is a 210-unit, 126,815 square-foot residential (R-2) building submitted by Joel Braver with plans filed December 2, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Solomon Feder owned at least 14 commercial properties with 462 residential units in New York City with 481,796 square feet and a city-determined market value of $83 million. (Market value is typically about 50% of actual value.) The portfolio has $120.2 million in debt, with top three lenders as Shelter Growth Capital Partners, Signature Bank, and Bethpage Federal Credit Union respectively. Within the portfolio, the bulk, or 78 percent of the 481,796 square feet of built space are elevator properties, with retail properties next occupying 13 percent of the space. The bulk, or 74 percent of the built space, is in Brooklyn, with Queens next at 26 percent of the space.
The surrounding
This is the first commercial real estate event of interest identified within the 400-foot radius of 516 Columbia Street in the past 24 months.
Direct link to the property’s ACRIS page and link to DOB NOW portal.