Royal Builders plans 54-unit project in Sheepshead Bay

Menachem Markovics of Royal Builders submitted a new building construction project for a 54-unit, 50,808 square-foot residential (R-2) building at 1505 Emmons Avenue in Sheepshead Bay, Brooklyn. The plan was filed with the New York City Department of Buildings on December 21, 2023 under job number B00969850. It calls for the construction of a seven-story building. The project is described in the filing as: new seven-story, fifty-four dwelling unit building.
The development site covers nine tax lots, from 48 to 56, which is 1501 Emmons Avenue at the corner of East 15th Street to 1519 Emmons Avenue. Not all of the tax lots as of publication reflect Markovics’ ownership.

Prior sales and revenue

One of the nine tax lots was sold for $1.1 million on March 29, 2019.

Violations and lawsuits

According to city public data, the property has received $980 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 Sheepshead Bay, The bulk, or 43 percent of the 26.5 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has near average sales volume among other neighborhoods with $456.7 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Sheepshead Bay has near average amount of major developments among other neighborhoods and is the 19th highest in Brooklyn. It had 854,326 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. 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 three of the 10 commercial properties representing 13,600 square feet of the 38,116 square feet. The largest owner is Nesimi Fidaige, followed by Ramagaqaj and then Sandro Agostino. On the tax block, there were three new building construction projects totaling 91,060 square feet. The largest is a 54-unit, 50,808 square-foot residential (R-2) building submitted by Royal Builders and filed by Menachem Markovics with plans filed December 21, 2023 and it has not been permitted yet. The second largest is a 48-unit, 35,782 square-foot residential (R-2) building submitted by Agam Development and filed by Gabby Sakaff with plans filed June 7, 2021 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 1505 Emmons Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Chaim Landau and Yisroel Landau borrowed $5 million from JPMorgan Chase secured by the 96,828-square-foot, 91-unit rental (D1) on 2775 East 16th Street on July 28, 2023.

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