Jacob Schwimmer files plans for 29K synagogue, office building in Williamsburg
488 Broadway (Credit - S. Wieder Architect via DOB)
Jacob Schwimmer through the company JCS Realty submitted a new building construction project for a 28,647-square-foot synagogue and office building at 488 Broadway in Williamsburg, Brooklyn. The plan was filed with the New York City Department of Buildings on July 31, 2024 under job number B01081716. It calls for the construction of an eight-story building. The project is described in the filing as: proposed eight-story and cellar commercial and community facility building. The architect is S. Wieder Architect.
The plans include a pool and mikvah in the lower level.
Jacob Schwimmer is an active developer with projects including the 113,360-square-foot, 159-unit project at 540 Atlantic Avenue under job number B00738723, and 365-unit 40 Bruckner Boulevard.
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | LOUNGE, GAME ROOM, GYM, SAUNAS AND POOL | Office | 100 | Business | VII | |
| 2 | Cellar | RITUAL BATH - MIKVAH, DRESSING ROOM | Places of Religious Worship | 14 | Assembly | III(B) | |
| 3 | Cellar | MECHANICAL ROOMS | Mechanical and/or electrical equipment room | 3 | Factory and Industrial | VII, III(B) | |
| 4 | 1 | MECHANICAL ROOM | Mechanical and/or electrical equipment room | 5 | Factory and Industrial | VII | |
| 5 | 1 | PARKING AREA - 3,872 S.F.; TOTAL OF TWENTY THREE [23] AUTOMOBILE PARKING SPACES | Parking Garage | 20 | Storage | VII | |
| 6 | 2 | LOBBY, SYNAGOGUE - 4,351 S.F. | Places of Religious Worship | 257 | Assembly | III(B) | |
| 7 | 3 | OFFICES, MECHANICAL ROOM | Office | 48 | Business | VII | |
| 8 | 4 | OFFICES, MECHANICAL ROOM | Office | 48 | Business | VII | |
| 9 | 5 | OFFICES | Office | 48 | Business | III(B) | |
| 10 | 6 | OFFICES | Office | 26 | Business | III(B) | |
| 11 | 7 | OFFICES | Office | 26 | Business | III(B) | |
| 12 | 8 | OFFICES | Office | 9 | Business | VII | |
| 13 | Roof | ELEVATOR AND STAIR BULKHEADS, MECHANICAL ROOM, OUTDOOR PASSIVE RECREATION AREA - 2,289 S.F. | Office | 23 | Business | VII |
Prior sales and revenue
This property was sold by Thomas Makkos for $4.2 million to Jacob Schwimmer on May 9, 2024.
The 6,201-square-foot property generated revenue of $78,006 or $13 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 Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 5th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Williamsburg has near average amount of major developments among other neighborhoods and is the 2nd highest in Brooklyn. It had 4.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the 10 commercial properties representing 91,525 square feet of the 187,440 square feet. The largest owner is Abraham Brach, followed by Abraham Mendlovic and then Jacob Schwimmer. On the tax block, there were three new building construction projects totaling 144,549 square feet. The largest is a 24-unit, 73,681 square-foot residential (R-2) building submitted by Greenline Consultants and filed by Joseph Templer with plans filed March 24, 2023 and it has not been permitted yet. The second largest is a 42,221 square-foot 56 building submitted by Abraham Brach and filed by Abe Brach with plans filed January 30, 2023 and permitted February 29, 2024.
The owner
The PincusCo database currently indicates that Jacob Schwimmer owned at least 18 commercial properties with 898 residential units in New York City with 861,069 square feet and a city-determined market value of $140.2 million. (Market value is typically about 50% of actual value.) The portfolio has $527.5 million in debt, with top three lenders as Valley National Bank, MF1 Capital, and Spruce Capital respectively. Within the portfolio, the bulk, or 45 percent of the 861,069 square feet of built space are office properties, with elevator properties next occupying 42 percent of the space. The bulk, or 66 percent of the built space, is in Brooklyn, with Bronx next at 34 percent of the space.
The surrounding
Direct link to the property’s ACRIS page and link to DOB NOW portal.