Slate Property Group files plans for 175-unit project in Sheepshead Bay

David Schwartz of Slate Property Group through its affiliated construction firm SD Builders And Construction LLC submitted a new building construction project for a 175-unit, 92,643 square-foot hotel/dormitory/shelter (R-1) building at 2150 Coyle Street in Sheepshead Bay, Brooklyn. The plan was filed with the New York City Department of Buildings on August 14, 2023 under job number B00915426. It calls for the construction of a seven-story building. The project is described in the filing as: new 7 story community facility building as per plans filed. The architect is Aufgang Architects.

The PincusCo database currently indicates that Slate Property Group owned at least 50 commercial properties with 2,800,770 square feet, 2,824 residential units and a city-determined market value of $694.4 million. (Market value is typically about 50% of actual value.) The portfolio has $1.2 billion in debt, with top three lenders as Mack Real Estate Group, Signature Bank, and PCCP respectively. Within the portfolio, the bulk, or 85 percent of the 2,800,770 square feet of built space are elevator properties, with walkup properties next occupying 11 percent of the space. The bulk, or 59 percent of the built space, is in Manhattan, with Queens next at 24 percent of the space.

The property

The existing mixed-use building in Sheepshead Bay has 25,380 square feet of built space and 82,437 square feet of additional air rights for a total buildable of 107,997 square feet according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 360 feet and is 100 feet deep with a total lot size of 35,999 square feet. 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 $1.8 million.

Prior sales and revenue

The 25,380-square-foot property generated revenue of $308,604 or $12 per square foot, according to the most recent income and expense figures.

For the tax lot building, it received its initial certificate of occupancy on November 17, 2015.

Violations and lawsuits

According to city public data, the property has received five DOB violations and $100 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 $479.7 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Sheepshead Bay has near average amount of major developments among other neighborhoods and is the 21st highest in Brooklyn. It had 744,797 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 the tax block, there was one new building construction project filed totaling 92,643 square feet. It is a 175-unit, 92,643 square-foot hotel/dormitory/shelter (R-1) building submitted by David Schwartz with plans filed August 14, 2023 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 2138 Coyle Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which AAG Management borrowed $5.6 million from New York Community Bank secured by the 30,000-square-foot, three-unit retail building (K1) on 2185 Coyle Street on February 8, 2022.

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