Level One Holdings files plans for 102-unit building in Boerum Hill

Largest project yet for developer, which assembled the site in five transactions totaling nearly $33M

By Adam Pincus

Brooklyn development firm Level One Holdings filed plans yesterday for a 102-unit residential building at 58 Saint Mark’s Place in Boerum Hill. It is the largest building the firm has filed plans for.

The proposed 133,408-square-foot building at the corner of 4th Avenue will have 124,767 square feet of residential space and 8,274 of retail space, city Department of Buildings records show. The developer filed plans last July to demolish several of the buildings that make up the parcel. 

Level One, led by co-founders Shlomi Avdoo and Robert Loheit, assembled the site in four separate acquisitions for six parcels that all closed on June 26, 2018 totaling $32.06 million. 

Work on the assemblage began much earlier. Level One signed a contract to buy three parcels that made up the former site of a KFC restaurant in July 2017. The contracts for the other three parcels were signed on separate days in March 2018. 

On the same day, the company locked in $24.75 million in debt from lender Bank Leumi. 

In December the firm bought 3,158 square feet of development rights from a neighboring property for $454,388, or $144 per square foot, city records show. 

The largest building Level One filed for, prior to this, was their project 740 Dekalb Avenue, a building under development in Bedford-Stuyvesant with a total of 25,480 square feet with 37 residential units. 

The all-in cost per foot for the development parcel, dividing the total acquisition cost by the square feet of the building comes out to $244 per square foot.

For the supporting data from DOB and Acris see the embedded Google Doc below, or click on this link.