Owners seek city rezoning to build 140-unit project in Borough Park

The entity 90060 AMG LLC, controlled by Alex Lau and Yung Cho, initiated a city rezoning process to transform a single-story commercial corner at 900 60th Street in Borough Park on the border of Sunset Park, into a 12-story mixed-use development with 140 residential units.

The proposal for 900 60th Street (Project ID 2025K0232) filed on March 20, 2026, seeks to replace a one-story children’s playcenter with approximately 108,000 square feet of new floor area at the intersection of 9th Avenue. The applicant is petitioning the city for a zoning map amendment to transition the site from its long-standing M1-1 light manufacturing designation to a C4-5X district, while also establishing a Mandatory Inclusionary Housing (MIH) area over the project site.

The push for increased density at this intersection comes as developers increasingly target the 60th Street corridor for residential developments. Two blocks away, Watermark Capital Group is developing a 28-story mixed-use tower at 6208 8th Avenue. And several blocks to the east, Watermark Capital Group obtained City Council approval for another rezoning, for the proposal to build 14 buildings with 267 units, called the Brooklyn Yards project, over the train tracks at 14th Avenue and 60th Street.

Alex Lau and Yung Cho’s proposed 145-foot-tall building is slated to include 96,000 square feet of residential space and 12,000 square feet of ground-floor commercial use. Under the MIH requirements, the developer would provide between 35 and 42 permanently affordable units, targeting average incomes between 60 percent and 80 percent of the Area Median Income.

The project site occupies a 200-foot stretch along 9th Avenue and tax block is adjacent to the Bay Ridge Branch LIRR right-of-way, which is the planned route for the Interborough Express (IBX) light rail service. The developer argues that the rezoning is appropriate given the site’s proximity to the N-train stations at 8th Avenue and Fort Hamilton Parkway, as well as the existing residential character of the block.

This filing represents a strategic move to leverage MIH density bonuses in a neighborhood currently characterized by 2- to 4-story rowhouses and light industrial uses. By opting for a C4-5X district rather than a standard residential equivalent, the applicant claims to offer greater flexibility for mixing non-residential uses along the 9th Avenue commercial corridor. The project aligns with citywide goals to address housing shortages through increased density in transit-rich areas.

The property

The retail building in Dyker Heights has 18,000 square feet of built space for a total buildable of 18,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 180 feet deep with a total lot size of 18,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $2.2 million. The most recent loan totaled $6.5 million and was provided by Bank of Hope on November 23, 2022.

Prior sales, articles and revenue

This property was sold for $9.3 million on January 19, 2016.

The 18,000-square-foot property generated revenue of $342,897 or $19 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $2,000 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 Dyker Heights, The bulk, or 30 percent of the 7.1 million square feet of commercial built space are mixed-use buildings, with walkup buildings next occupying 26 percent of the space. In sales, Dyker Heights has near average sales volume among other neighborhoods with $192.7 million in sales volume in the last two years and is the 33rd highest in Brooklyn. For development, Dyker Heights has near average amount of major developments among other neighborhoods and is the 31st highest in Brooklyn. It had 382,416 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 12 commercial properties representing 49,170 square feet of the 114,731 square feet. The largest owner is Alex Lau, followed by Gong Li and then Roza Koyenova. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Alex Lau owned at least two commercial properties in New York City with 35,300 square feet and a city-determined market value of $5.2 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from Industrial and Commercial Bank of China. Within the portfolio, all identified are retail properties. The bulk, or 51 percent of the built space, is in Brooklyn, with Queens next at 49 percent of the space.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 6011 9 Avenue in the past 24 months.

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