Now that the 421-a tax exemption is back from the dead, development is cranking into motion again in the outer boroughs. Last week, plans were filed for an eight-story residential project at 567 Ocean Parkway, near the southern edge of Kensington in Brooklyn.
The building would replace a detached, two-story house between Ditmas and 18th avenues, not far from the trendy shops and restaurants on Cortelyou Road in Ditmas Park. An Orthodox yeshiva used to occupy the home, according to public records. The new development would hold 38 apartments and 26,056 square feet of residential space, for typical units measuring 685 square feet.
An 11-car garage would fill the cellar. However, the zoning rules don’t require any parking for the project, which is relatively small for densely zoned Ocean Parkway.
The developer is Sam Klein, doing business as an LLC based in Borough Park, and he’s hired Asher Hershkowitz to handle the design.
Klein’s LLC purchased the 5,600-square-foot site from Yeshiva and Mesivta Torah Temimah for $3,222,500. That hefty sale price works out to $123 for each square foot of his planned devleopment.
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Development changes the project into an eight-story, along location and prices for doing business.