Goose Property files plans for 77 units in Downtown Brooklyn, part of 3-building development
362, 370 and 372 Livingston Street (Credit - Naresh K. Mahangu via DOB)
Yitzchok Katz’s Goose Property Management submitted a new building construction project for a 77-unit, 92,849 square-foot residential (R-2) building at 362 Livingston Street in Boerum Hill, Brooklyn. The plan was filed with the New York City Department of Buildings on November 4, 2024 under job number B01127732. It calls for the construction of a 22-story building. The plans were laid out by engineer Naresh K. Mahangu.
This is the third building plan filed for the tax lot, which will have a total of 269 residential units.
The other building plans are B00781447, filed on September 28, 2022 for construction of 186,076-square-foot, 15-story, 75-unit residential building at 372 Livingstone Street, and B00814498, filed January 26, 2023, for the construction of 104,456-square-f00t, 22-story 105-unit residential building at 370 Livingston Street.
362 Livingston Street
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | STORAGE ACCESORY TO RESIDENTIAL | Apartment | 13 | Residential | ||
| 2 | 1 | PARKING ACCESORY TO MERCANTILE | Parking Garage | NA | Storage | ||
| 3 | 2 | PARKING ACCESORY TO RESIDENTIAL | Parking Garage | NA | Storage | ||
| 4 | 2 | PARKING ACCESORY TO RESIDENTIAL | Parking Garage | NA | Storage | ||
| 5 | 3 | 135 BICYCLE PARKING SPACES (1819 S F) | Apartment | 36 | Residential | ||
| 6 | 4 | 5 CLASS 'A' DWELLING UNTS | Apartment | NA | Residential | ||
| 7 | 5 | 5 CLASS 'A' DWELLING UNITS | Apartment | NA | Residential | ||
| 8 | 6 | 5 CLASS 'A' DWELLING UNITS | Apartment | NA | Residential | ||
| 9 | 7 | 5 CLASS 'A' DWELLING UNITS | Apartment | NA | Residential | ||
| 10 | 8 | 5 CLASS 'A' DWELLING UNITS | Apartment | NA | Residential |
The property
The 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.
Prior sales and revenue
This property was sold with another property by ISJ Management, Jemstone Group and Billy Shalom for $25.5 million to Yitzchok Katz on August 25, 2022.
The 34,347-square-foot property generated revenue of $936,758 or $27 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has received one DOB violation, $3,400 in ECB penalties, 13 housing violations, and $3,600 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 $326.9 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, Boerum Hill has near average amount of major developments among other neighborhoods and is the 14th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of seven of the 11 commercial properties representing 729,028 square feet of the 734,348 square feet. The largest owner is Monarch Realty Holdings, followed by Munzer Elayyan and then Steiner Nyc. On the tax block, there were three new building construction projects totaling 383,381 square feet. The largest is a 75-unit, 186,076 square-foot residential (R-2) building submitted by Yitzchok Katz and filed by Yitzchok Katz with plans filed September 28, 2022 and it has not been permitted yet. The second largest is a 105-unit, 104,456 square-foot residential (R-2) building submitted by Yitzchok Katz and filed by Yitzchok Katz with plans filed January 26, 2023 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Yitzchok Katz owned at least 18 commercial properties with 378 residential units in New York City with 232,679 square feet and a city-determined market value of $33.8 million. (Market value is typically about 50% of actual value.) The portfolio has $331 million in debt, with top three lenders as G4 Capital Partners, Affinius Capital, and Slate Property Group respectively. Within the portfolio, the bulk, or 57 percent of the 232,679 square feet of built space are elevator properties, with walkup properties next occupying 18 percent of the space. The bulk, or 66 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Yitzchok Katz, head officer and Jacob Katz, site manager. The business entity is 372 Livingston Llc.
The surrounding
Within a 400-foot radius of 360 Livingston Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. Of those five items, three were sales above $5 million totaling $41 million. The most recent of the three was Noonan, Marleah which bought the 2,576-square-foot, one-unit townhouse (A4) on 453 State Street for $5.6 million from 453 State LLC on September 27, 2024. Of those five items, two were loans above $5 million totaling $60.4 million. The most recent of the two was Monarch Realty Holdings in which borrowed $5.7 million from First National Bank of Long Island secured by the 16,570-square-foot, two-unit office building (O5) on 340 Livingston Street on April 4, 2023.
Direct link to the property’s ACRIS page and link to DOB NOW portal.