Daniel Grinshteyn files plans for 40 units in Coney Island

Daniel Grinshteyn of B. Warranty Home Construction also known as BWH Group, submitted a new building construction project for a 40-unit, 49,733 square-foot residential (R-2) building at 1517 Mermaid Avenue in Coney Island, Brooklyn. The plan was filed with the New York City Department of Buildings on October 28, 2024 under job number B01032487. It calls for the construction of a seven-story building. The architect is Vikatos Architect PC.

The property

The specialty building in Coney Island has 3,780 square feet of built space and 7,989 square feet of additional air rights for a total buildable of 11,766 square feet according to a PincusCo analysis of city data. The parcel has frontage of 63 feet and is 120 feet deep with a total lot size of 4,842 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $609,000.

Prior sales and revenue

This property was sold with another property by Anthony H. Kallas|Nicholas O. Kallas|Ianthe Kallas-Bortz for $3 million to BWH Group on June 8, 2023.

The 3,780-square-foot property generated revenue of $138,273 or $37 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 Coney Island, The majority, or 68 percent of the 14.4 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 $258.5 million in sales volume in the last two years and is the 25th highest in Brooklyn. For development, Coney Island has near average amount of major developments among other neighborhoods and is the 7th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 25 commercial properties representing 59,225 square feet of the 126,188 square feet. The largest owner is Bwh Group, followed by David Winiarski and then Francesco Dimaria. On the tax block, there were two new building construction projects totaling 63,876 square feet. The largest is a 40-unit, 49,733 square-foot residential (R-2) building submitted by Daniel Grinshteyn with plans filed October 28, 2024 and it has not been permitted yet. The second largest is a 15-unit, 14,143 square-foot residential (R-2) building submitted by Lenny Gelfand with plans filed March 12, 2020 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Bwh Group owned at least five commercial properties in New York City with 7,309 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 7,309 square feet of built space are specialty properties, with retail properties next occupying 28 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 1519 Mermaid Avenue in the past 24 months.

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