Two-tower high-rise with 353 units planned for Cypress Hills

Coleen Ceriello, executive director of Rocklyn Asset Corp., which manages non-religious real estate for the Roman Catholic Church’s Diocese of Brooklyn and Queens, submitted a new building construction project for a 353-unit, 319,196 square-foot residential (R-2) building at 2797 Atlantic Avenue in Cypress Hills, Brooklyn. The plan was filed on September 28, 2022. It calls for the construction of a 140-foot-tall, 14-story, two-tower building and was filed with the New York City Department of Buildings under job number B08003566. The architect is Marvel. The project is described in the filing as: New 14-story mixed-use building.

The 2813 Atlantic Avenue parcel has frontage of 85 feet and is 200 feet deep with a total lot size of 35,662 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.4 million.

The property was involved in one court filing over the past two years. The April 2022 filing was a petition seeking court approval allowing Saint Malachy Roman Catholic Church to lease the parcel to the developer Albanese Organization for 99 years. Petition LINK

A judge approved the lease, which has a rent of approximately $1 million per year.

Within a 400-foot radius of 2813 Atlantic Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, three were in new building development. There were two new building permit applications and one new building permit. The most recent of these three items was a filing on November 4, 2021 for a 28,080-square-foot R-2 building with 41 residential units at 2767 Atlantic Avenue. One of those four items was a loan which Joel Schwartz borrowed $20 million from Bank of Princeton secured by the 0-square-foot development site (V1) on 2817 Atlantic Avenue on December 16, 2020.

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