Gotham files plans for two buildings in East New York with 846 units, first at Urban Village complex

The Gotham Organization’s CEO David Picket submitted new development plans on Friday for two buildings with a total of 846 units that are the first part of a large affordable housing and redevelopment project called Urban Village that Gotham is leading in partnership with Monadnock Development for the Christian Cultural Center, an evangelical megachurch located on 11.5 acres in East New York.

The project has been in the works for years and includes rezoning land and a brownfield cleanup. Real Estate Weekly reported on the newest filings, noting that these two buildings will cost $570 million and create 817 permanently affordable units as well as space for a grocery and other retail and medical services. The larger of the two buildings also includes 19 “homeownership units” available for purchase, the article said.

The overall development plan will have about 1.5 million square feet of residential space with about 2,000 units, and was approved last year through the Uniform Land Use Review Process, or ULURP, under the application number 2019K0038. Schematic renderings of the development are available on the city’s website here. Gotham Organization and Monadnock Development each often develop affordable housing.

In the first of the two buildings, David Picket of Gotham Organization through the entity IUV Phase 1B Owner, LLC, submitted a new building construction project for a 460-unit, 470,902 square-foot residential (R-2) building at 12074 Flatlands Avenue in East New York, Brooklyn. The plan was filed with the New York City Department of Buildings on April 14, 2023 under job number B00851732. It calls for the construction of a 14-story building. The project is described in the filing as: construct new fourteen (14) story mixed use building as per plans filed.

The parcel has two buildings with frontage of 536 feet and is 389 feet deep with a total lot size of 111,197 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.5 million.

In the second of the two buildings, David Picket of Gotham Organization through the entity IUV Phase 1 Owner LLC, submitted a new building construction project for a 386-unit, 438,183 square-foot residential (R-2) building at 12096 Flatlands Avenue in East New York, Brooklyn. The plan was filed with the New York City Department of Buildings on April 14, 2023 under job number B00851722. It calls for the construction of a 15-story building. The project is described in the filing as: construct new fifteen (15) story mixed use building as per plans filed.

The neighborhood

In East New York, The bulk, or 40 percent of the 44.5 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has near average sales volume among other neighborhoods with $840.3 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, East New York is the 5th most active neighborhood among other neighborhoods. It had 5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On the tax block, there were two new building construction projects totaling 909,085 square feet. The largest is a 460-unit, 470,902 square-foot residential (R-2) building submitted by Gotham Organization and filed by David Picket with plans filed April 14, 2023 and it has not been permitted yet. The second largest is a 386-unit, 438,183 square-foot residential (R-2) building submitted by Gotham Organization and filed by David Picket with plans filed April 14, 2023 and it has not been permitted yet.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 12120 Flatlands Avenue in the past 24 months.

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