Yitzchok Katz files plan for second building in Downtown Brooklyn, this with 105 units

Yitzchok Katz submitted a plan for a 105-unit, 104,456 square-foot residential (R-2) building at 370 Livingston Street in Downtown Brooklyn. The plan was filed with the New York City Department of Buildings on January 26, 2023 under job number B00814498. It calls for the construction of a 22-story building. The project is described in the filing as: proposed 22 story residential and commercial building.

This is the second building plan filed for the parcel. The first building filed for the parcel, with an address of 362 Livingston Street, calls for 163 units in a 22-story building with an estimated job cost of $24.4 million, and was filed under the job number B00781447. When those plans were initially disclosed in September 2022, the unit count was 75.

Katz on August 25, 2022, through the entity 372 Livingston LLC paid $25.5 million to ISJ Management, Jemstone Group, and Billy Shalom for the site that included a 22-unit residential walkup building (C7) at 364 Livingston Street and the adjacent mixed-use building (K4) at 60 Flatbush Avenue.

Violations and lawsuits

According to city public data, the property has received $4,900 in ECB penalties and $4,900 in OATH penalties in the last year.

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

The block

On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 709,739 square feet of the 739,019 square feet. The largest owner is Munzer Elayyan, followed by Steiner NYC and then Yitzchok Katz. On the tax block, there were three new building construction projects totaling 732,096 square feet. The largest is a 750-unit, 627,640 square-foot residential (R-2) building submitted by Steiner NYC and filed by Douglas Steiner with plans filed June 27, 2012 and permitted July 25, 2014.

The owner

The PincusCo database currently indicates that Yitzchok Katz owned at least 18 commercial properties with 117 residential units in New York City with 172,909 square feet and a city-determined market value of $29.9 million. (Market value is typically about 50% of actual value.) The portfolio has $302.7 million in debt, with top three lenders as G4 Capital Partners, SCALE Lending, and Popular Bank respectively. Within the portfolio, the bulk, or 51 percent of the 172,909 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. The bulk, or 81 percent of the built space, is in Brooklyn, with Queens next at 19 percent of the space.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 360 Livingston Street in the past 24 months.

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