Yitzchok Katz files plan for 75-unit building in Downtown Brooklyn, paid $25M last month for site

Yitzchok Katz submitted a new building construction project for a 75-unit building at 362 Livingston Street in Downtown Brooklyn. The plan was filed on September 28, 2022. It calls for the construction of a 150-foot-tall, 15-story building and was filed with the New York City Department of Buildings under job number B00781447. The plan says the building will have 42,587 square feet and be 150 feet tall.

The project will have five residential units on each of the 15 floors.

Katz has significantly more air rights available.

Katz through the entity 372 Livingston LLC paid $25.5 million to ISJ Management, Jemstone Group, and Billy Shalom for the site that included the 22-unit residential walkup building (C7) at 364 Livingston Street and the adjacent mixed-use building (K4) at 60 Flatbush Avenue.

Over the past five years, there have been nine NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There has been one new building permit application There have been 7 demolition projects filed over the past five years. The demolition included 22 residential units.

The 360 Livingston Street parcel has frontage of 209 feet and is 70 feet deep with a total lot size of 13,937 square feet. The lot is irregular. 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 city-designated market value for the property in 2022 is $4.5 million.The most recent loan totaled $29.5 million and was provided by G4 Capital Partners on August 25, 2022.

On the tax block, there were two new building construction projects totaling 627,640 square feet. The largest is a 750-unit, 627,640 square-foot R-2 building developed by Douglas Steiner with plans filed June 27, 2012 and permitted July 25, 2014. The second largest is this project, a 75-unit building developed by Yitzchok Katz with plans filed September 28, 2022 and it has not been permitted yet.

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 360 Livingston Street that occurred over the past 24 months.

The owners according to the Department of Housing Preservation and Development includes Isaac Jemal, head officer and Joseph Jemal, agent. The business entities are Isj Management Corp. and Livingston Street Realty Associates.

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