Loketch Group files plans for 32-unit project in Crown Heights

Moishe Loketch, president of Loketch Group submitted a new building construction project for a 32-unit, 34,654 square-foot residential (R-2) building at 630 Grand Avenue in Crown Heights, Brooklyn. The plan was filed with the New York City Department of Buildings on May 1, 2023 under job number B00853443. It calls for the construction of a seven-story building. The project is described in the filing as: construct new seven-story residential building as per plans filed. The architect is ND Architecture & Design PC.

The property

The lot is irregular. 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 $767,000.

Prior sales and revenue

The 5,690-square-foot property generated revenue of $119,071 or $21 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 Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has near average sales volume among other neighborhoods with $600.3 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Crown Heights has near average amount of major developments among other neighborhoods and is the 6th highest in Brooklyn. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 9,060 square feet of the 38,560 square feet. The two identified owners are Brooklyn Neighborhood Improvement Association and Loketch Group. On the tax block, there were two new building construction projects totaling 39,867 square feet. The largest is a 32-unit, 34,654 square-foot residential (R-2) building submitted by Moishe Loketch with plans filed May 1, 2023 and it has not been permitted yet. The second largest is a five-unit, 5,213 square-foot residential (R-2) building submitted by Matt Schneider with plans filed December 11, 2015 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 638 Grand Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Eli Hamway borrowed $17.2 million from Northfield Bank secured by the 37,945-square-foot, 44-unit rental (C1) on 344 St Marks Avenue on July 14, 2022.

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