FBL Development files plans for 158 units in DoBro

FBL Development submitted a new building construction project for a 158-unit, 99,902 square-foot residential (R-2) building at 245 Duffield Street in Downtown Brooklyn, Brooklyn. The plan was filed with the New York City Department of Buildings on December 19, 2025 under job number B01276224. It calls for the construction of a 30-story building. The project is described in the filing as: propose new 30-story mixed-use building as per plan. Weitao Shi, of FBL Development, filed the plans. The architect is Inoa Architecture.

245 Duffield Street

The property

The retail building in Downtown Brooklyn has 24,990 square feet of built space and 58,310 square feet of additional air rights for a total buildable of 83,300 square feet according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 85 feet deep with a total lot size of 8,330 square feet. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial. The city-designated market value for the property in 2022 is $6.3 million. The most recent loan totaled $20 million and was provided by Ponce Bank on October 23, 2025.

Prior sales, articles and revenue

This property was sold by Joseph E. Betesh for $31 million to Gold Stone Management on October 23, 2025.

The 24,990-square-foot property generated revenue of $764,873 or $31 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 Downtown Brooklyn, The bulk, or 40 percent of the 22.4 million square feet of commercial built space are office buildings, with elevator buildings next occupying 24 percent of the space. In sales, Downtown Brooklyn has near average sales volume among other neighborhoods with $474.2 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Downtown Brooklyn has near average amount of major developments among other neighborhoods and is the 14th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the seven commercial properties representing 681,283 square feet of the 684,181 square feet. The largest owner is Daniel Gazal, followed by Gold Stone Management and then Jemb Realty. On the tax block, there were four new building construction projects totaling 597,339 square feet. The largest is a 387,801 square-foot business (B) building submitted by JEMB Realty and filed by Morris Jerome with plans filed September 20, 2017 and permitted February 13, 2018. The second largest is a 158-unit, 99,902 square-foot residential (R-2) building submitted by FBL Development and filed by Weitao Shi with plans filed December 19, 2025 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Gold Stone Management owned at least one commercial property in New York City with 24,990 square feet and a city-determined market value of $5.1 million. (Market value is typically about 50% of actual value.) The portfolio has $20 million in debt, borrowed from Ponce Bank. The portfolio consists of at least a single retail property. It is located in Brooklyn.

The surrounding

Within a 400-foot radius of 253 Duffield Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. One of those seven items was a sale which Canvas Investment Partners and Tokyu Land US bought two condo units in the 129,410-square-foot, 152-unit mixed-use building (RM) on 430 Albee Square and one other property for $112.8 million from Spencer Equity Group on November 25, 2024. Of those seven items, six were loans above $5 million totaling $357.1 million. The most recent of the six was Wharton Properties in which borrowed $5.7 million from TD Bank secured by the 18,500-square-foot, one-unit mixed-use building (K4) on 460 Fulton Street on October 2, 2025.

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