Frank Gagliardo files plans for 8-unit building in Bushwick

Frank Gagliardo submitted a new building construction project for an eight-unit, 5,463 square-foot residential (R-2) building at 316 Stockholm Street in Bushwick, Brooklyn. The plan was filed with the New York City Department of Buildings on November 23, 2022 under job number B08038604. It calls for the construction of a four-story building. The project is described in the filing as: new four-story residential building with cellar.

The property

The industrial building in Bushwick has 1,632 square feet of built space and 4,450 square feet of additional air rights for a total buildable of 6,075 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. 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 $121,000.

Prior sales and revenue

This property was sold for $950,000 on October 23, 2020.

The 1,632-square-foot property generated revenue of $23,550 or $14 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received $1,200 in OATH penalties 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 14 of the 42 commercial properties representing 73,004 square feet of the 232,111 square feet. The largest owner is Charles Papaconstantinou, followed by Roni Abudi and then Joel Mizrahi. On the tax block, there was one new building construction project filed totaling 5,463 square feet. It is a eight-unit, 5,463 square-foot residential (R-2) building submitted by Frank Gagliardo and filed by Frank Gagliardo with plans filed November 23, 2022 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 316 Stockholm Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. One of those three items was a sale which Townhouse Rental II, L.L.C. and Carlyle Group bought the 5,970-square-foot, eight-unit rental (C1) on 306 Stockholm Street for $5 million from Jacob Fulop and Jacob Lefkowitz on May 25, 2022. Of those three items, two were loans above $5 million totaling $85.4 million. The most recent of the two was Carlyle Group in which borrowed $80 million from Invesco Real Estate secured by the 6,569-square-foot, eight-unit rental (C1) on 306 Stockholm Street and 42 other properties on October 7, 2022.

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