Watermark files plans for 99-unit building in Boerum Hill
48 Hoyt Street axonometric rendering (Credit - Nataliya Donskoy architect via DOB)2
Watermark Capital Group submitted a new building construction project for a 99-unit, 111,177 square-foot residential (R-2) building at 48 Hoyt Street in Boerum Hill, Brooklyn. The plan was filed with the New York City Department of Buildings on December 5, 2024 under job number B01151113. It calls for the construction of a 24-story building. The project is described in the filing as: new 23 stories with cellar mixed-use commercial and residential building. The architect is ND Architecture & Design PC. Joel Werczberger filed the plans for Watermark.
Watermark Capital Group is one of the more active developers in the city.
The building will cantilever over two existing buildings that are part of the single development zoning lot, the four-story, 6,624-square-foot 50 Hoyt Street and and the five-story, 8,750-square-foot 40 Hoyt Street, but those buildings will not be altered with this construction.
Wolfe Landau’s Watermark acquired control of the development parcel through a 99-year ground lease valued at $10.1 million with landlord Jacob Marciano. The lease covers six buildings, 40 and 50 Hoyt Street, which will remain, and 42, 44, 46 and 48 Hoyt Street, which will be demolished to make way for the tower.
48 Hoyt Street
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | ACCESSORY MECHANICAL AND METERS ROOM, WATERTANK, REFUSE STORAGE ANTRASH COMPACTOR ROOM, BICYCLE STORAGE FOR 51 BICYCLES | Apartment | N/A | Residential | ||
| 2 | Cellar | ACCESSORY MECHANCIAL SPACES AND STORAGE FOR RETAIL AT 1ST FLOOR. | Retail Sale | 6 | Mercantile | ||
| 3 | Cellar | ACCESSORY COMMON BUILDING RECREATION SPACE | Apartment | 14 | Residential | ||
| 4 | 1 | RESIDENTIAL LOBBY, ACCESSORY MAIL, PACKAGE AND COLD STORAGE ROOMS | Apartment | N/A | Residential | ||
| 5 | 1 | RETAIL, ACCESSORY REFUSE CLOSET | Retail Sale | 96 | Mercantile | ||
| 6 | 2 | ACCESSORY ENCLOSED COMMON BUILDINGS RECREATION SPACE WITH ROOF TERRACE; LAUNDRY ROOM | Apartment | 56 | Residential | ||
| 7 | 2 | ACCESSORY MECHANICAL ROOM | Apartment | N/A | Residential | ||
| 8 | 3 | 4 (FOUR) CLASS A APARTMENTS, TRASH REFUSE ROOM | Apartment | N/A | Residential | 4 | |
| 9 | 3 | ACCESSORY PRIVATE ROOF TERRACES | Apartment | N/A | Residential | ||
| 10 | 4 | 4 (FOUR) CLASS A APARTMENTS, TRASH REFUSE ROOM | Apartment | N/A | Residential | 4 | |
| floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
The property
The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The most recent loan totaled $5.7 million and was provided by JPMorgan Chase on August 25, 2021.
Violations and lawsuits
According to city public data, the property has received $25 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 Boerum Hill, The bulk, or 32 percent of the 9 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 16 percent of the space. In sales, Boerum Hill has near average sales volume among other neighborhoods with $311 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Boerum Hill has near average amount of major developments among other neighborhoods and is the 13th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of eight of the 11 commercial properties representing 36,254 square feet of the 123,026 square feet. The largest owner is Edison Properties, followed by Stuart Venner and then Watermark Capital Group. On the tax block, there was one new building construction project filed totaling 111,177 square feet. It is a 99-unit, 111,177 square-foot residential (R-2) building submitted by Watermark Capital Group and filed by Joel Werczberger with plans filed December 5, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Watermark Capital Group owned commercial properties with 1,511 residential units in New York City with 1,558,914 square feet and a city-determined market value of $300.5 million. (Market value is typically about 50% of actual value.) The portfolio has $221.5 million in debt, with top three lenders as Slate Property Group, BridgeCity Capital, and Signature Bank respectively. Within the portfolio, the bulk, or 53 percent of the 1,558,914 square feet of built space are walkup properties, with elevator properties next occupying 20 percent of the space. The bulk, or 93 percent of the built space, is in Brooklyn, with Queens next at 7 percent of the space.
The surrounding
Within a 400-foot radius of 48 Hoyt Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, two were loans above $5 million totaling $51.5 million. The most recent of the two was Mina Moussa in which borrowed $11.5 million from Series 2021-L6 secured by the 5,324-square-foot, four-unit mixed-use building (K4) on 228 Livingston Street and three other properties on January 25, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.