Watermark Capital seeks zoning change for 257-unit project in Greenwood Heights

Developer Watermark Capital Group, led by Wolfe Landau and David Tabak, seeks a zoning change to develop a 257-unit project at 783 4th Avenue in Greenwood Heights, Brooklyn, that would include approximately 64 permanently affordable apartments. The three-building, 175,700-square-foot proposed development is on the east side of 4th Avenue between 27th and 28th streets. Watermark Capital Group through the entity 783 4th Ave LLC controls the property through a 49-year ground lease with the property owner, St. Rocco Roman Catholic Church, also known as St. Roch Roman Catholic Church. The development site includes the parcels 783 4th Avenue, 216 27th Street, 220 27th Street and 183 28th Street.

Watermark Capital Group is an active developer, frequently buying or leasing development sites from religious organizations.

Application 2023K0368 LINK
Saint Rocco court petition to lease LINK

According to the application submitted by zoning attorney Erik Palatnik, “The Proposed Actions would facilitate a mixed-use development on the Development Site broken into 3 segments . This would include a 13-story building along 4th Avenue (134’) and smaller 7- and 8-story buildings along of 27th and 28th Streets. In total these buildings would include 176,640 zsf (225,140 gross square feet) or 5.4 FAR with 257 dwelling units. Of those 257 dwelling units, approximately 64 would be affordable under MIH Option 1 – or affordable to incomes averaging 60 percent AMI. With the special permit to waive parking where at least 20 percent of dwelling units are income-restricted, the parking requirement for the entire development would be waived. However, 10 voluntary off-street parking spaces would be provided in the development in Building C (see below). These spaces would be made accessible via 27th Street with a new 12- foot curb cut. The 4th Avenue frontage would contain commercial space in in 4,200 zsf (74,500 gross square feet).

“Building A would consist of the 13-story corner parcel in the subject R8A/C2-4 district. This would contain 88,800 zoning square feet and 130 dwelling units with the proposed ground-floor retail space totaling 4,200 zsf with storage area below. The lobby of the building would be oriented towards 27th Street, with the retail fronting Fourth Avenue. The building would rise to 13-stories with a 10-foot setback at the 11th floor (approximately 104 feet in elevation). The 2nd and 11th floors would contain outdoor terrace spaces. Dormers would be provided at the 11th and 12th floors to articulate the building’s bulk oriented towards Fourth Avenue. Building B would be located along 27th Street and contain residential use (86 dwelling units) in 8-stories to total 57,800 zsf. The building would contain a 64-foot base height and set back 15 feet from 27th Street before rising to a roof height of approximately 84 feet. The 10 voluntary parking spaces would be located in this building at the ground floor, accessible from a new curb cut approximately 12-feet wide (with splays) oriented several feet away from eastern lot line. The 7th floor would contain outdoor terrace areas.

“Building C would be located along 28th Street and contain residential use (41dwelling units) in 29,040 zsf in 7-stories. The building itself would be set back 5 feet from the lot line and rise to 64 feet and set back an additional 15 feet. The roof height would be 74 feet. The rooftop (7th floor) would contain terrace areas.”

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