Joel Braver files plans for 317 units in Red Hook
498 Columbia Street (Credit - Google)
Joel Braver of Express Builders submitted a new building construction project for a 371-unit, 227,085 square-foot residential (R-2) building at 498 Columbia Street in Red Hook, Brooklyn. The plan was filed with the New York City Department of Buildings on March 6, 2024 under job number B00830930. It calls for the construction of a eight-story building. The project is described in the filing as: new building application to construct mixed-use building. The architect is Aufgang Architects.
The property
The existing retail building in Red Hook has 60,740 square feet of built space and 181,998 square feet of additional air rights for a total buildable of 242,997 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 500 feet deep with a total lot size of 99,999 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.3 million.
498 Columbia Street, job B00830930
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Ground Floor | RESIDENTIAL LOBBY | Apartment | N/A | Residential | 2B | |
| 2 | 1 | ACCESSORY USES: TRASH COMPACTORS, ACCESSORY STORAGE, HOUSEHOLD OFFICE, ELECTRICAL ROOM, REFUSE ROOMS FIRE PUMP ROOM, BICYCLE ROOM, MECHANICAL ROOM, WATER METER ROOM, FIRE PUMP ROOM, SEWER ROOMS. PARKING GARAGE 10 CARS. | Apartment | N/A | Residential | 2B | |
| 3 | 1 | INDOOR RECREATION | Community Hall | 238 | Assembly | 2B | |
| 4 | 1 | 21 DWELLING UNITS | Apartment | N/A | Residential | 2A | 21 |
| 5 | 1 | SUPPORTIVE HOUSING | Apartment | N/A | Residential | 3a | 6 |
| 6 | 2 | SUPPORTIVE HOUSING | Apartment | N/A | Residential | 3a | 15 |
| 7 | 2 | 33 CLASS A DWELLING UNITS. | Apartment | N/A | Residential | 2A | 33 |
| 8 | 2 | ACCESSORY RECREATION AREA, ACCESSORY USES: BOILER ROOM, LAUNDRY ROOMS, JANITORS CLOSET, STORAGE, ELECTRICAL ROOMS, REFUSE ROOMS. | Apartment | N/A | Residential | 2B | |
| 9 | 3 | SUPPORTIVE HOUSING | Apartment | N/A | Residential | 3a | 15 |
| 10 | 3 | 36 CLASS A DWELLING UNITS. | Apartment | N/A | Residential | 2A | 36 |
| floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
Prior sales and revenue
This property was sold by Quality Capital for $7.2 million to Solomon Feder on January 21, 2022.
The 60,740-square-foot property generated revenue of $501,620 or $8 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has received six DOB violations in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Red Hook, The bulk, or 49 percent of the 9.4 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 30 percent of the space. In sales, Red Hook has near average sales volume among other neighborhoods with $493.6 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Red Hook has near average amount of major developments among other neighborhoods and is the 19th highest in Brooklyn. It had 779,486 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 60,740 square feet on the block.The identified owner is Solomon Feder. On the tax block, there was one new building construction project filed totaling 227,085 square feet. It is a 371-unit, 227,085 square-foot residential (R-2) building submitted by Joel Braver with plans filed March 6, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Solomon Feder owned at least 14 commercial properties with 462 residential units in New York City with 481,796 square feet and a city-determined market value of $83 million. (Market value is typically about 50% of actual value.) The portfolio has $120.2 million in debt, with top three lenders as Shelter Growth Capital Partners, Signature Bank, and Bethpage Federal Credit Union respectively. Within the portfolio, the bulk, or 78 percent of the 481,796 square feet of built space are elevator properties, with retail properties next occupying 13 percent of the space. The bulk, or 74 percent of the built space, is in Brooklyn, with Queens next at 26 percent of the space.
The surrounding
This is the first commercial real estate event of interest identified within the 400-foot radius of 516 Columbia Street in the past 24 months.
Direct link to the property’s ACRIS page and link to DOB NOW portal.