City files plans for 73K sf school in Gravesend

Charleston Albert of The NYC School Construction Authority submitted a new building construction project for a 72,812-square-foot building at 106 Avenue X in Gravesend, Brooklyn. The plan was filed on October 5, 2022. It calls for the construction of a 45-foot-tall, three-story building and was filed with the New York City Department of Buildings under job number B00795046. The architect is the NYC School Construction Authority.

The property

The Avenue x parcel has frontage of 565 feet and is 236 feet deep with a total lot size of 104,410 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.1 million.

Prior sales and revenue

The property in Gravesend has 100 square feet of built space and 130,512 square feet of additional air rights for a total buildable of 130,512 square feet according to a PincusCo analysis of city data. The property is owned by City of New York.

Development

Over the past five years, there have been three NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were two renovation/alteration projects (A2) applied for with a total estimated value of $599,997. There has been one demolition project filed for the parcels over the past five years.

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 since September of 2020.

The neighborhood

In Gravesend, the bulk, or 39 percent of the 18.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has near average sales volume among other neighborhoods with $270.1 million in sales volume in the last two years and is the 23rd highest in Brooklyn. For development, Gravesend has near average amount of major developments among other neighborhoods and is the 15th highest in Brooklyn. It had 1.2 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 the tax block, there was one new building construction project filed totaling zero square feet. It is a building developed by Charleston Albert with plans filed October 5, 2022 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that City Of New York owned at least 2,814 commercial properties in New York City with 151,682,987 square feet and a city-determined market value of $31.5 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 91 percent of the 151,682,987 square feet of built space are specialty properties, with office properties next occupying 4 percent of the space. The bulk, or 39 percent of the built space, is in Brooklyn, with Bronx next at 23 percent of the space.

The surrounding

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

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