Downtown Brooklyn may see another high-rise residential project, situated directly opposite an extensive retail conversion of the former Macy's. Local developer Shimon Klein has submitted construction applications to the New York City Department of Buildings for three residential buildings, each with 99 units, along Fulton Street, between Bridge and Lawrence Streets.
The division into 99-unit buildings suggests that Klein likely intends to utilise the city's controversial 485-x tax abatement programme. This programme includes a construction wage requirement for projects with 100 or more units. The deliberate choice of 99 units per building could be a strategy to circumvent certain conditions or secure advantages.
Details of the first construction project
Klein's proposal envisions a 27-storey building with 99 residential units at 485 Fulton Street. The registered architect for this project is Kao Hwa Lee of Kao Hwa Lee Architects. Neither the architect nor the developer has responded to requests from Commercial Observer for further comment. If approved, the building at 485 Fulton Street would comprise between four and eight residential units per floor, from the third to the 27th storey.
In addition to the residential units, commercial and community spaces are planned, along with nearly 3,000 square feet (approximately 278 square metres) of outdoor rooftop space for residents. Further details regarding amenities have not been disclosed. However, features such as fitness rooms, communal lounges, and co-working options have become indispensable standards in new residential projects.
Further projects and the surrounding area
According to the submitted plans, the two other buildings, each with 99 units, are to be located at 147 and 149 Lawrence Street and will feature a similar structure. Future residents of Klein's new project would have a variety of entertainment options in the immediate neighbourhood.
The development is situated directly opposite 422 Fulton Street, the former Macy's department store. This is currently being converted into a five-storey retail and entertainment complex called BKX, as previously reported by Commercial Observer. This location promises high appeal for residents of the new properties.
