Aviad Rave plans 9-unit building in Bushwick

Aviad Rave submitted a major alteration application to change a garage and small residential building at 1073 Willoughby Avenue and 1075 Willoughby Avenue in Bushwick, Brooklyn into a nine-unit building. The plan was filed with the New York City Department of Buildings on November 15, 2022 under job number B08039140. It calls for the increase in size of the building from a one-story building to a five-story building with nine dwelling units across the two tax lots with a parcel of 4583 square feet with frontage of 45.8 feet.

Prior sales and revenue

One of these properties was sold for $950,000 on September 29, 2022.

The 2,250-square-foot property generated revenue of $45,918 or $20 per square foot, according to the most recent income and expense figures.

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 Bushwick, the bulk, or 44 percent of the 33.4 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has near average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has near average amount of major developments among other neighborhoods and is the 12th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 18 of the 22 commercial properties representing 92,045 square feet of the 106,865 square feet. The largest owner is Greenbrook Partners, followed by Moses Karpen and then Linda Vera-Benitez. There are no active new building construction projects on this tax block.

The surrounding

Within a 400-foot radius of 1073 Willoughby Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, three were loans above $5 million totaling $43.4 million. The most recent of the three was Moshe Silberstein in which borrowed $8.2 million from New York Community Bank secured by the 7,089-square-foot, six-unit rental (C2) on 42 Starr Street and three other properties on August 3, 2022.

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