Downtown Brooklyn developer plans three 99-unit residential buildings

Developer Shimon Klein has filed plans with the New York City Department of Buildings for a 297-unit residential project in Downtown Brooklyn. The development, located near the former Macy’s complex, will consist of three separate buildings at 485 Fulton Street and 147 and 149 Lawrence Street, with each building containing exactly 99 units.

Designed by Kao Hwa Lee architects, the project is expected to include commercial, community, and rooftop spaces. Industry observers note that the decision to cap each building at 99 units may be a strategy to utilize the city’s 485-x tax abatement program while avoiding the $40 wage floor requirement that applies to projects with 100 or more units. No specific timeline for the project has been disclosed.