A Queens developer has plans to construct a whole lot of models in Brooklyn, pointing to Mayor Zohran Mamdani’s housing plan for inspiration.
Queens-based Criterion Group submitted a rezoning utility to the Division of Metropolis Planning for a 321-unit undertaking at 900 Wyckoff Avenue in Bushwick, the Business Observer reported. An Akerman lawyer is listed because the applicant of report.
Shibber Khan’s Criterion is planning a 13-story undertaking for the Wyckoff Avenue website, spanning 261,000 sq. toes. The appliance requires 85 completely inexpensive models, greater than 1 / 4 of the full deliberate, plus 19,000 sq. toes of economic and retail area.
Criterion acquired the positioning 5 years in the past for $4.7 million. It additionally purchased the adjoining website across the similar time on the similar buy worth.
The appliance for the positioning, which is between Weirfield and Hancock streets and homes a vacant car parking zone at this time, particularly states the undertaking would “additional the targets of the town’s ‘Block-by-Block: The Housing Plan for a New Period,’” demonstrating how builders are taking cues from the administration’s objective of including 200,000 inexpensive properties.
Criterion didn’t instantly reply to a request for remark from the Observer.
Led by Khan, Criterion has been working out of western Queens for almost a quarter-century, amassing a portfolio that features multifamily buildings, self-storage amenities, movie studios, warehouses, industrial yards and truck parking amenities.
In 2022, Criterion offered the industrial unit at 31-08 Northern Boulevard to the Carlyle Group for $80 million. The agency purchased the event website in 2015 from investor Joel Gluck for $40 million and constructed one of many largest self-storage amenities within the metropolis, in the end operated by Public Storage.
Close by the Bushwick website, Gotham Group’s Monitor Level improvement in Greenpoint secured Metropolis Council approval over the summer season after profitable negotiations to extend the inexpensive housing part to 50 p.c of the full models.
Council member Lincoln Restler, who beforehand opposed the rezoning of the MTA-owned website, championed the deal after securing commitments for senior and supportive housing, in addition to funding for a close-by website slated for Bushwick Inlet Park.
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