Tuesday, November 29, 2016

Two-Building, 296-Unit Residential Project On Flushing Avenue Near Brooklyn Navy Yard 

376-378 Flushing Avenue. image via DCP

Two South Williamsburg-based investors hope to rezone three industrial properties in northern Bedford-Stuyvesant to make way for a large residential project with nearly 300 apartments spread across two buildings. Today we have the first look at the development, which will rise near the Brooklyn Navy Yard at 376-378 Flushing Avenue and 43 Franklin Avenue.

Riverside Developers USA, led by Zelig Weiss, recently filed zoning documents with the Department of City Planning. The plans include these diagrams and details for the partially-affordable, 296-unit project. An eight-story, 168-unit mixed-use building will rise at 376-378 Flushing Avenue, at the corner of Franklin Avenue. 50 apartments will rent for below-market rates. And a six-story, 128-unit development will sprout around the corner at 43 Franklin Avenue, between Flushing and Park avenues. That building will include 38 affordable apartments. The pair of projects will span 176,671 square feet and 126,839 square feet respectively.

Since these sites are being rezoned from heavy manufacturing to mixed-use residential, they will be subject to the city's new Mandatory Inclusionary Housing policy. Thirty percent of the units, or 88 apartments total, will rent to families making up to 80 percent of the Area Median Income, or $78,336 for a three-person household.

The Flushing Avenue site is currently home to the four-story Rose Castle banquet hall, which is used by the growing Hasidic community in northern Bedford-Stuyvesant and South Williamsburg. The Franklin Avenue property is a parking lot.

Zelig Weiss teamed up with investor Fedor Itskovitch and Yoel Goldman's All Year Management to purchase the property, under the guise of Lotus Residences LLC, for an undisclosed amount in 2014. However, Goldman alleged in a lawsuit filed earlier this year that his two partners in the LLC tried to cut him out of the deal, The Real Deal reported in April.

Rabbi Isaac Rosenberg, a Satmar community leader and owner of Certified Lumber around the corner on Kent Avenue, had owned the properties for nearly 30 years before unloading them to Weiss and his crew of investors. He died in May, leaving behind a synagogue he helped construct on Hooper Street and several valuable real estate holdings in Williamsburg and Borough Park.

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