Yidel Falkowitz plans 51K sf commercial building in Bed-Stuy

Yidel Falkowitz submitted a new building construction project for a 50,196 square-foot commercial building at 67 Taaffe Place in Bedford Stuyvesant, Brooklyn. The plan was filed with the New York City Department of Buildings on March 31, 2023 under job number B00845076. It calls for the construction of a 12-story building. The project is described in the filing as: proposed new 12-story commercial office building, with 71 on-site attended car parking.

The property

The industrial building in Bedford Stuyvesant has 6,375 square feet of built space and 6,478 square feet of additional air rights for a total buildable of 12,828 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 86 feet deep with a total lot size of 6,414 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $531,000.

Prior sales and revenue

This property was sold with another property for $3.1 million on August 29, 2013.

The 6,375-square-foot property generated revenue of $112,604 or $18 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has near average sales volume among other neighborhoods with $838.8 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Bedford Stuyvesant has near average amount of major developments among other neighborhoods and is the 4th highest in Brooklyn. It had 4 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 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 the tax block, there was one new building construction project filed totaling 50,196 square feet. It is a 50,196 square-foot 56 building submitted by Yidel Falkowitz and filed by Yidel Falkowitz with plans filed March 31, 2023 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 71 Taaffe Place, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a permit application filed on April 23, 2021 for the $633,300 renovation of 24,342-square-foot business (B) building with zero residential units at 36 Taaffe Place.

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