Horizon Group plans 46-unit building in LES

Brian Hamburger, project manager of Horizon Group, submitted a new building construction project for a 46-unit, 48,340-square-foot residential (R-2) building at 125 Chrystie Street in the Lower East Side, Manhattan. The plan was filed with the New York City Department of Buildings on August 28, 2023 under job number M00908898. The project is described in the filing as: 11-story mixed-use new building. Zoning lot consists of two tax lots, 32 and 35. The architect is Fischer + Makooi Architects.

The Horizon Group is developing a 66-unit project in Bushwick and a 100-unit project in Bensonhurst.

The property

The existing industrial building has 12,696 square feet of built space and 19,687 square feet of additional air rights for a total buildable of 32,396 square feet according to a PincusCo analysis of city data. The parcel has frontage of 45 feet and is 93 feet deep with a total lot size of 4,308 square feet. The zoning is C6-3A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 million.

Development

Nearly 17 years ago, Ronald Tien of Lintien, Inc. submitted a new building construction project for a 15-unit residential (J-2) building at 125 Chrystie Street. The plan was filed on December 21, 2006. It calls for the construction of a 180-foot tall, 17-story building and was filed with the New York City Department of Buildings under job number 104629948. That project was never built.

Violations and lawsuits

According to city public data, the property has received one DOB violation and $1,050 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Lower East Side, The majority, or 51 percent of the 23.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Lower East Side has near average sales volume among other neighborhoods with $534.7 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, Lower East Side has near average amount of major developments among other neighborhoods and is the 47th highest in Manhattan. It had 213 square feet of commercial and multi-family construction under development in the last two years, which represents 0.00 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 19 commercial properties representing 46,058 square feet of the 201,341 square feet. The largest owner is Barry Lipsitz, followed by Marx Realty & Improvement and then Wade Guyton. On the tax block, there was one new building construction project filed totaling 10,845 square feet. It is a 10,845 square-foot business (B) building submitted by Hannah Rademaker with plans filed January 24, 2019 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 326 Broome Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. Of those five items, one was in new building development. It was a new building permit application filed on April 21, 2022 for a 72,441-square-foot business (B) building at 156 Bowery. Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on February 14, 2023 for the $319,645 renovation of 4,735-square-foot educational (E) building with N/A residential units at 115 Chrystie Street. Of those five items, two were sales above $5 million totaling $24.5 million. The most recent of the two was Tommy Yuen which bought the 10,600-square-foot, four-unit mixed-use building (K4) on 137 Bowery for $5.7 million from Robin Levine on November 28, 2022. One of those five items was a loan which Real Estate Equities Corporation borrowed $60.5 million from Raven Capital Management secured by the 6,685-square-foot, four-unit mixed-use building (K4) on 162 Bowery and six other properties on September 19, 2022.

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