Uncertainty over the future of an important tax exemption for residential construction, 421-a, is forcing developers in the outer boroughs to focus on building office and retail space. The latest example comes to us from East Williamsburg, where the Loketch Group aims to put up a six-story office and medical building.
Two warehouses in Ridgewood, Queens will be no more. The Loketch Group just acquired two vacant structures at 801 Wyckoff Avenue and 819 Wyckoff Avenue for $11.25 million. They present up to 43,000 square feet of development potential and Loketch plans to use just about all of it for a new residential project. They’re planning a 42,971 square-foot, five-story building with 54 units. The average size will be 795 square feet and 29 of the units will be duplexes. There will also be 1,000 square feet of recreation space on the top floor, along with a 420 square-foot roof deck. It has been designed by J Frankl Associates.
Earlier this year, YIMBY found an on-site drawing for a new development coming to 44 Kent Street, in Greenpoint. The plans were originally created for Cayuga Capital, but the firm sold the property for $8,750,000 last year to an LLC. Now, we can reveal that Pinny and Moishe Loketch of the Loketch Group are the new developers, and the design has also seen major changes, with Nataliya Donskoy’s ND Architecture and Design taking over the project.
So far this month, we’ve covered the Loketch Group’s planned 54-unit building in Ridgewood, and the design for the firm’s planned conversion and expansion on South 3rd Street in Williamsburg. Now we’ve got the first look at one of the developer’s ground-up projects in East Flatbush, 490 Lefferts Avenue.
Last week, YIMBY revealed the Loketch Group’s planned expansion at 207 South 3rd Street in Williamsburg. And now the Midwood-based firm has filed plans for a new apartment building at 803 Wyckoff Avenue in Ridgewood, just over the border from Bushwick.