Queens-based Montperia Group is planning to construct in one other borough — Borough Park, really.
A restricted legal responsibility firm tied to the Woodside-based developer filed a rezoning utility with the Division of Metropolis Planning for a mission within the Brooklyn neighborhood, Crain’s reported. The developer bought the location at 900 sixtieth Avenue in 2016 for $9.7 million.
Montperia is pursuing a 13-story, 150-unit mission on the website, which is located between Ninth Avenue and Fort Hamilton Parkway. The 108,000-square-foot mission would come with between 35 and 42 completely inexpensive items for households incomes between 60 p.c and 80 p.c of the world median earnings.
The event would additionally embrace 5,500 sq. toes of business house and 50 parking areas. Good Furnishings & Lighting had a storefront on the location, although it seems to have relocated elsewhere. There’s a Children Palace youngsters’s play heart there, although its future is unclear.
Montperia managing member Alex Lau didn’t reply to the publication’s request for remark. Greenberg Traurig’s Jay Segal, an lawyer representing the developer, estimated it could take roughly a yr to obtain approval for the mission, then as much as one other two years for the event to be constructed.
Final yr, Montperia and JLS Development Group secured a $115 million construction loan from Maxim Credit score Group for a 216-unit apartment tower with ground-floor retail at 24-02 Queens Plaza South in Lengthy Island Metropolis.
The property was beforehand owned by Carlyle Group, which acquired it in 2020 for $40 million, intending to construct a business property, however later bought it to Montperia in 2023 for $49 million.
Montperia additionally has properties in Flushing, Woodside and Sundown Park.
Elsewhere in Borough Park, Shiya Labin just lately bought an workplace property in Borough Park for $42.3 million to George Lebovits of Ahava Medical, a big improve from its $29.5 million buy value 5 years earlier. The 151,000-square-foot Class B workplace constructing at 6201 fifteenth Avenue is generally vacant.
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Borough Park office trades for $42M
David Tabak’s and Meyer Lebovits’ big Borough Park project nabs approvals
