iStar files plans for 282-unit building in Coney Island

Jesus Rosado representing iStar Inc., submitted a new building construction project for a 282-unit, 216,772-square-foot residential (R-2) building at 3027 West 21st Street in Coney Island, Brooklyn. The plan was filed with the New York City Department of Buildings on October 28, 2022 under job number B08015349. It calls for the construction of a 23-story building. The project is described in the filing as: new 23-story building with roof.

The property

The West 21 street parcel has frontage of 169 feet and is 111 feet deep with a total lot size of 21,339 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $944,000.

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 since September of 2020.

The neighborhood

In Coney Island, the majority, or 68 percent of the 14.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 10 percent of the space. In sales, Coney Island has near average sales volume among other neighborhoods with $107.9 million in sales volume in the last two years and is the 31st highest in Brooklyn. For development, Coney Island has near average amount of major developments among other neighborhoods and is the 10th highest in Brooklyn. It had 2.1 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.

The block

On the tax block, there were three new building construction projects totaling 591,282 square feet. The largest is a 282-unit, 216,772 square-foot R-2 building developed by Jesus Rosado with plans filed October 28, 2022 and it has not been permitted yet. The second largest is a 216-unit, 187,932 square-foot R-2 building developed by David Gallo with plans filed January 24, 2018 and permitted January 2, 2019.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of West 21 street in the past 24 months.

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