Seven-Story Residential Project Coming to Brooklyn’s Homecrest
By Larry Getlen July 18, 2025 1:26 pm
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An 83,166-square-foot residential development is coming to 1417 Avenue U between East 14th and East 15th streets in the Homecrest neighborhood of Brooklyn.
The landlord is 1417 Avenue U Holding. Public records indicate that the holding company acquired the property, also identified as 1411 Avenue U, for $7.7 million from Jackson Property Management in May 2024. Jackson had purchased it from Parkland Management the previous year for $4.6 million. The property has been previously occupied by a Lot Stop 99! department store and a Duane Reade pharmacy.
The New York Business Journal first reported the deal.
NYBJ reports that Xiao Jun Chen, identified as a managing member of the holding company, filed the plans for the development with New York’s Department of City Planning.
Plans for the seven-story building include 76 residential units, with between 19 and 23 units reserved for tenants making 60 percent of area median income. The building also will have 11,374 square feet of street-level retail space.
Chen could not be reached for comment.
Larry Getlen can be reached at lgetlen@commercialobserver.com.
