Alexandru Panuta files plans for 16-unit building in Coney Island

Alexandru Panuta submitted a new building construction project for a 16-unit, 13,960 square-foot residential (R-2) building at 2925 West 20th Street in Coney Island, Brooklyn. The plan was filed with the New York City Department of Buildings on November 18, 2022 under job number B08031421. It calls for the construction of a six-story building. The project is described in the filing as: new building. six stories occupied and first floor parking below flood elevation.

The property

The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The development is on two tax lots, 2925 West 20th Street and 2927 West 20th Street.

Prior sales and revenue

This properties were acquired for $2.125 million in two transactions, one in 2018 and one in 2022.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Coney Island, the majority, or 68 percent of the 14.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 10 percent of the space. In sales, Coney Island has near average sales volume among other neighborhoods with $107.9 million in sales volume in the last two years and is the 31st highest in Brooklyn. For development, Coney Island has near average amount of major developments among other neighborhoods and is the 10th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 15 percent of the neighborhood’s built space.

The block

On the tax block, there were two new building construction projects totaling 437,624 square feet. The largest is a 446-unit, 423,664 square-foot residential (R-2) building submitted by L+M Development Partners and filed by Lisa Gomez with plans filed March 9, 2018 and permitted December 18, 2018. The second largest is a 16-unit, 13,960 square-foot residential (R-2) building submitted by Alexandru Panuta and filed by Alexandru Panuta with plans filed November 18, 2022 and it has not been permitted yet.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 2925 West 20th Street in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.