CCM Capital Sets Plans for Cypress Hills Housing

CCM Capital Group has filed plans for a 73-unit mixed-use building with 18 affordable units in the Cypress Hills section of Brooklyn.

CCM Capital will require a zoning map amendment and parking waiver to move forward with the project at 11–21 Wharton Place, according to The New York Business Journal, which was first to report the filing.

According to an environmental assessment for a proposed rezoning of 17-21 Wharton Place, the development would result in a nine-story building totaling 71,305 square feet for a “mixed residential and community facility building.” It would break down into 69,964 square feet of residential use and a 1,341-square-foot, ground-floor community facility, likely a medical office. The result would contain 73 units, with 18 of them being affordable at 60 percent of area median income (AMI).

The assessment notes that the construction would take 18 months, and be completed by 2028.

According to public records, Ernesto E. Carpio sold 17 Wharton Place to Compound Equities of Bayside, N.Y., in December 2015 for $625,000. Public records also show that Bendix Maharaj sold 21 Wharton Place to 21 Crescent Realty of Bayside, N.Y., for $500,000 in November 2014. At the time of the sales, 17 Wharton Place housed a two-story house totaling 3,201 square feet, and the property at 21 Wharton Place was a two-story house totaling 1,746 square feet.

A representative for CCM Capital Group did not immediately respond to a request for comment.

Larry Getlen can be reached at lgetlen@commercialobserver.com.