Yitzchok Katz files to demo 7 buildings in Downtown Brooklyn, bought last month for $25.5M

Developer Yitzchok Katz, on September 9, filed a permit application for the demolition of seven buildings from 358 to 370 Livingston Street in Downtown Brooklyn. Demolition plans for 376 Livingston Street, which is part of this development site, were filed on August 15, 2022. Katz has not yet filed new building plans for the site.

Katz is an active developer with at least six projects filed in the last six years. The most recent were for two permit applications filed in February 2022 for construction two separate buildings,  which are a 137-unit, 135,927-square-foot mixed-use building at 2-24 26th Avenue in Astoria, Queens, and a 134-unit, 158,072-square-foot mixed-use building at 575 Grand Street in Williamsburg, Brooklyn.

For the site being cleared by demolition, Katz paid $25.5 million to ISJ Management, Jemstone Group, and Billy Shalom for two tax lots with a total of eight buildings including 364 Livingston Street and the adjacent mixed-use building (K4) at 60 Flatbush Avenue on August 25, 2022. The two tax lots have 40,447 square feet of built space and 116,477 square feet of additional air rights for a total buildable of 156,870 square feet according to PincusCo analysis of city data.

The PincusCo database currently indicates that Yitzchok Katz owned at least 19 commercial properties in New York City with 147,132 square feet and a city-determined market value of $27.4 million. (Market value is typically about 50% of actual value.) The portfolio has $224.6 million in debt, with top three lenders as G4 Capital Partners, SCALE Lending, and Scale Lending respectively. Within the portfolio, the bulk, or 53 percent of the 147,132 square feet of built space are elevator properties, with specialty properties next occupying 15 percent of the space. The bulk, or 78 percent of the built space, is in Brooklyn, with Queens next at 22 percent of the space.

Direct link to Acris document. LINK
Direct link to DOB document. LINK