BROOKLYN, NY— A longtime commercial property near the Kosciuszko Street J train station moves toward redevelopment, with demolition planned for the existing one-story building, according to permits filed with the New York City Department of Buildings.
The project follows a $23.5 million sale announced by JLL Capital Markets on Tuesday, which represented seller A-PLUS International Realty in the transaction with buyers YS Developers and Rabsky Group.
The property is slated for replacement with an 11-story mixed-use building containing 99 apartments, according to DOB filings.
The Department of Buildings filings show HSD Construction LLC, with Rafael Rabinowitz listed as the owner representative, filed plans for the new building.
Brendan Maddigan, a member of the JLL team that arranged the transaction, said the location offers direct subway access, with service connecting riders throughout Brooklyn and Queens and a commute to Lower Manhattan of about 20 minutes.
"Sites with this much frontage, this level of zoning flexibility and direct subway access rarely come to market in Brooklyn, and our marketing process generated significant interest from developers looking to establish a presence in the neighborhood," Maddigan said.
Steve Rutman, who also worked on the transaction, said demand has increased for development opportunities where buyers can more confidently evaluate projects.
"We're seeing capital flow back toward development opportunities where buyers can underwrite with confidence," Rutman said. "Sites that combine as-of-right zoning, favorable tax incentives and exceptional transit access are generating some of the strongest interest in today's land market."
YS Developers did not respond to Patch's request for comment. Rabsky Group declined the request for comment.
The property sits at the intersection of Bedford-Stuyvesant and Bushwick, two Brooklyn neighborhoods that have experienced continued residential growth and redevelopment.
According to a DOB New Building filing, the project will include:
Kao Hwa Lee Architects PC is listed as the architect on the DOB application.
The filing describes the work as a full demolition of the existing one-story masonry building, while allowing the existing foundation to remain.
The filing does not indicate that the existing building will be preserved.
The demolition application lists the existing building at about 10,000 square feet.
The property currently contains small commercial storefronts and a surface parking lot, according to JLL Capital Markets.
Google Maps listings identify businesses currently operating at the site, including Super Clean Laundromat.
The DOB new-building application indicates the project will include affordable housing.
The filing does not specify the final number of affordable units or income levels.
Real estate publications reported that Rabsky Group affiliates also filed plans for an adjacent 1164 Broadway project with additional apartments.
The Real Deal reported that the two planned buildings would total 197 apartments, based on DOB filings it reviewed.
Property ownership records reviewed by Homes.com show A-PLUS International Realty acquired the property in 2000 for approximately $499,000 and held it until the recent sale.
If approved and completed, the project would replace the existing one-story commercial building with a larger mixed-use development near one of Brooklyn's major subway connections.
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