Bawabeh Realty plans 278-unit project in Crown Heights

Bawabeh Realty Holdings through the entity Bermuda Realty No. 2 LLC, seeks a zoning map amendment and a zoning text amendment to facilitate the development at 1720 Atlantic Avenue in Crown Heights, Brooklyn, of a 13-story, 263,277-square-foot, mixed-use building with 278 apartment including 70 of those as affordable. The project calls for approximately 55,400 square feet of commercial floor area, and 16,400 square feet of community facility floor area.
The proposal covers three tax lots and was submitted April 17, 2023 under the index number 2020K0454. The independent journalist Norman Oder reported on the proposal last month, when the plan was presented to the local community board. The report includes a video and slideshow of the proposal.

Bawabeh Realty refinanced this property as part of a portfolio of 14 properties, obtaining a $44 million loan from Signature Bank in November 2021.

The proposed zoning map amendment would rezone a portion of an M1-1 district to C4-4D, another portion from M1- 1 to R7A, and a third from M1-1 to R7A/C2-4.

Development

In 2001, David Bawabeh submitted a new building construction project for a school (E) building at 1720 Atlantic Avenue. The plan was filed on December 21, 2001 and was permitted on November 20, 2002. It calls for the construction of a 15-foot tall, one-story building and was filed with the New York City Department of Buildings under job number 301283215.

The neighborhood

In Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has near average sales volume among other neighborhoods with $604.5 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Crown Heights has near average amount of major developments among other neighborhoods and is the 6th highest in Brooklyn. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 12 commercial properties representing 37,240 square feet of the 179,877 square feet. The two identified owners are Bawabeh Realty Holdings and Gaither Bellamy Irrevocable Living Trust. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Bawabeh Realty Holdings owned at least 14 commercial properties in New York City with 123,249 square feet. The portfolio has $44 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 58 percent of the 123,249 square feet of built space are retail properties, with office properties next occupying 23 percent of the space. They are all located in Brooklyn.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 1714 Atlantic Avenue in the past 24 months.

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