Lay Assets files plans for 28-unit project in Midwood

1214 Ocean Parkway (Credit - Cyclomedia)

1214 Ocean Parkway (Credit - Cyclomedia)

Eddie Yair of Lay Assets through the entity 1730 Ocean Avenue Development LLC submitted a new building construction project for a 28-unit, 62,989 square-foot residential (R-2) building at 1214 Ocean Parkway in Midwood, Brooklyn. The plan was filed with the New York City Department of Buildings on November 3, 2023 under job number B00900684. It calls for the construction of a seven-story building. The project is described in the filing as: new seven (7) story and cellar twenty-eight (28) family residential building. The architect is Studio Gallos.

The property

The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.6 million. The most recent loan totaled $12 million and was provided by Valley National Bank on April 19, 2023.

Prior sales and revenue

This property was sold for $3 million on April 19, 2023.

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 Midwood, The majority, or 53 percent of the 19.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 15 percent of the space. In sales, Midwood has near average sales volume among other neighborhoods with $463.6 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Midwood has near average amount of major developments among other neighborhoods and is the 23rd highest in Brooklyn. It had 557,007 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 11 commercial properties representing 66,232 square feet of the 93,181 square feet. The largest owner is Al Green, followed by Eliot Y. Ghatan and then Lay Assets. On the tax block, there was one new building construction project filed totaling 62,989 square feet. It is a 28-unit, 62,989 square-foot residential (R-2) building submitted by Eddie Yair with plans filed November 3, 2023 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Lay Assets owned at least nine commercial properties with 263 residential units in New York City with 129,459 square feet and a city-determined market value of $32.1 million. (Market value is typically about 50% of actual value.) The portfolio has $132.3 million in debt, borrowed from Valley National Bank. Within the portfolio, the bulk, or 95 percent of the 129,459 square feet of built space are elevator properties, with B1 properties next occupying 5 percent of the space. They are all located in Brooklyn.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 1216 Ocean Parkway in the past 24 months.

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

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