JSAF Capital files plans for 99-unit building in Gowanus, includes affordable
528 4th Avenue (Credit - Thomas Scibilia architect via DOB)
Joseph Safdie, CEO of JSAF Capital submitted a new building construction project for a 99-unit, 80,489 square-foot residential (R-2) building at 528 4th Avenue in Gowanus, Brooklyn. The plan was filed with the New York City Department of Buildings on December 18, 2024 under job number B01148119. The project is described in the filing as: new 16-story, mixed use commercial and multifamily residential, quality housing building with affordable housing and accessory parking. The architect is NA Design Studio. The building will include some affordable units.
The new building will have a lot area of 9,900 square feet, with approximately 90 feet of frontage on 4th Avenue. The building is being constructed on three tax lots, current buildings 522, 524 and 526 4th Avenue. The walkup 520 4th Avenue will remain, and a portion of the new structure will cantilever over that four-story, eight-unit walkup.
The plans call for a total of 91,746 square feet of residential space, or an average of 927 square feet per unit, from the cellar to the 16th floor. The plans call for 2,361 square feet of retail on the first floor, and a lounge and co-working space on the second floor under use group retail, but the square feet was not laid out.
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | 48 BIKE PARKING SPACES | Apartment | N/A | Residential | ||
| 2 | Cellar | RESIDENTIAL STORAGE ROOM | Apartment | N/A | Residential | ||
| 3 | Cellar | MECHANICAL AND STORAGE | Apartment | N/A | Residential | ||
| 4 | Cellar | PAUL AND SAUNA FOR RESIDENTIAL USE | Apartment | N/A | Residential | ||
| 5 | Cellar | (2) TWO DWELLING UNITS IN CONJUNCTION WITH FIRST FLOOR | Apartment | N/A | Residential | 2 | 1 (.5 of 2) |
| 6 | 1 | TWO (2) DWELLING UNITS. | Apartment | NA | Residential | 2 | 1 (.5 of 2) |
| 7 | 1 | RETAIL STORE | Retail Sale | NA | Mercantile | 6 | |
| 8 | 1 | MAILBOX & PACKAGE ROOM. | Apartment | NA | Residential | ||
| 9 | 1 | RESIDENTIAL LOUNGE | Apartment | NA | Residential | ||
| 10 | 1 | LOUNGE & CO-WORKING SPACE | Retail Sale | NA | Mercantile |
The property
The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing.
Violations and lawsuits
According to city public data, the property has received one DOB violation, $9,900 in ECB penalties, and $15,260 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 Gowanus, The bulk, or 46 percent of the 9.2 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 19 percent of the space. In sales, Gowanus has near average sales volume among other neighborhoods with $603.8 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Gowanus has near average amount of major developments among other neighborhoods and is the 4th highest in Brooklyn. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 33 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.
The block
On this tax block, PincusCo has identified the owners of five of the 15 commercial properties representing 35,336 square feet of the 102,984 square feet. The two identified owners are JSAF Capital and Nicholas Valentino. On the tax block, there was one new building construction project filed totaling 80,489 square feet. It is a 99-unit, 80,489 square-foot residential (R-2) building submitted by JSAF Capital and filed by Joseph Safdie with plans filed December 18, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that JSAF Capital owned at least six commercial properties with 54 residential units in New York City with 48,111 square feet and a city-determined market value of $13.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 46 percent of the 48,111 square feet of built space are walkup properties, with elevator properties next occupying 34 percent of the space. They are all located in Brooklyn.
The owners according to the Department of Housing Preservation and Development includes Cirtian Bruce, head officer and Lana Fraser, agent. The business entities are Hot Homes Realty and Phizer & Plitzer.
The surrounding
This is the first commercial real estate event of interest identified within the 400-foot radius of 528 4 Avenue in the past 24 months.
Direct link to the property’s ACRIS page and link to DOB NOW portal.