Idan Shitrit submits plan for 35-unit building in Greenpoint

Idan Shitrit of Investmates Real Estate & Development submitted a new building construction project for a 35-unit, 47,763 square-foot residential (R-2) building at 29 Clay Street in Greenpoint, Brooklyn. The plan was filed with the New York City Department of Buildings on January 20, 2023 under job number B00802919. It calls for the construction of a 14-story building. The project is described in the filing as: filing for construction of a new (14) story residential building at 29 clay street – (zoning m1-2/r6) use & occupancy r2.

The property

The property is owned by Jacob Kohn. The parcel has frontage of 105 feet with a total lot size of 19,748 square feet. The lot is irregular. The zoning is M1-2/R6 which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2.43 times FAR for residential. The most recent loan totaled $10.2 million and was provided by S3 Capital on June 16, 2022.

Prior sales and revenue

This property was sold with another property by Andru Coren for $15.1 million to Jacob Kohn on June 16, 2022.

The 9,270-square-foot property generated revenue of $171,471 or $18 per square foot, according to the most recent income and expense figures.

Development

Idan Shitrit of Investmates submitted a new building construction project for a 35-unit, 47,763 square-foot residential (R-2) building at 29 Clay Street. The plan was filed on January 20, 2023. It calls for the construction of a 149-foot tall, 14-story building and was filed with the New York City Department of Buildings under job number B00802919. The architect is Bogue Trondowski Architect Pllc. The project is described in the filing as: filing for construction of a new (14) story residential building at 29 clay street – (zoning m1-2/r6) use & occupancy r2.

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 Greenpoint, The bulk, or 30 percent of the 22.7 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 27 percent of the space. In sales, Greenpoint has near average sales volume among other neighborhoods with $698.9 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Greenpoint has near average amount of major developments among other neighborhoods and is the 6th highest in Brooklyn. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 225,782 square feet of the 289,758 square feet. The largest owner is Enrico Robert Manetta, followed by Jacob Kohn and then Jeffrey Hiller. On the tax block, there were five new building construction projects totaling 137,025 square feet. The largest is a 35-unit, 47,763 square-foot residential (R-2) building submitted by Idan Shitrit with plans filed January 20, 2023 and it has not been permitted yet. The second largest is a 60-unit, 47,757 square-foot residential (R-2) building submitted by Harold Block with plans filed October 15, 2015 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Jacob Kohn owned at least nine commercial properties with 249 residential units in New York City with 242,700 square feet and a city-determined market value of $58.7 million. (Market value is typically about 50% of actual value.) The portfolio has $109.8 million in debt, with top three lenders as Argentic Investment Management, MF1 Capital, and Prophet Capital Reit respectively. Within the portfolio, the bulk, or 57 percent of the 242,700 square feet of built space are D6 properties, with elevator properties next occupying 35 percent of the space. The bulk, or 57 percent of the built space, is in Manhattan, with Brooklyn next at 43 percent of the space.

The surrounding

Within a 400-foot radius of 37 Clay Street, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months. Of those 12 items, four were in new building development. There were one new building permit application and three new building permits. The most recent of these four items was a permit on January 3, 2023 for a 102,159-square-foot residential (R-2) building with 139 residential units at 26 Clay St. Of those 12 items, two were sales above $5 million totaling $33.8 million. The most recent of the two was Madison Realty Capital which bought the 27,360-square-foot, one-unit industrial (F1) on 22 Clay Street and four other properties for $28 million from Bo Jin Zhu on November 9, 2022. Of those 12 items, six were loans above $5 million totaling $298 million. The most recent of the six was Madison Realty Capital in which borrowed $28 million from RWN Management secured by the 27,360-square-foot, one-unit industrial (F1) on 10 Clay Street and nine other properties on November 9, 2022.

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