Gilbane with Tredway, ELH Mgmt., Brookfield, file plans for 250-unit senior rental in Coney Island
2828 West 28th Street (Credit - Google)
Gilbane Development on behalf of a partnership including Tredway, ELH Mgmt. and Brookfield Asset Management, submitted a new building construction project for a 250-unit, 179,779 square-foot residential (R-2) building at 2828 West 28th Street in Coney Island, Brooklyn. The plan was filed with the New York City Department of Buildings on June 26, 2024 under job number B01049802. It calls for the construction of an eight-story building. Dimitrios Katehis, senior construction executive at Gilbane, submitted the plans. The architect is Dattner Architects. The residents will be senior citizens.
Yimby reported on the prior property owner’s plans for the site, in 2017.
Prior to this, BFC Partners filed plans for a 430-unit project in the neighborhood in September 2023.
The property
Tredway, Gilbane Development, ELH Mgmt. and Brookfield Asset Management paid Arker Companies and Related Companies $28.5 million for this development site on May 24, 2023. The acquisition was part of a larger $150 million transaction.
The elevator building with 122 residential units in Coney Island has 102,000 square feet of built space and 272,666 square feet of additional air rights for a total buildable of 374,339 square feet according to a PincusCo analysis of city data. The parcel has frontage of 237 feet and is 650 feet deep with a total lot size of 154,049 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 $10.1 million. The most recent loan totaled $120 million and was provided by Deutsche Bank on May 24, 2023.
2828 West 28th Street B01049802
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | STORAGE ROOMS, BIKE STORAGE, TRASH STORAGE | Storage of non combustible Materials | 23 | Storage | 2B | |
| 2 | Cellar | COMPACTOR ROOM, INCOMING SERVICE ROOM, PLUMBING ACCESS AREAS | Mechanical and/or electrical equipment room | 7 | Factory and Industrial | 2B | |
| 3 | Open Space | OPEN PARKING AREA (25 SPOTS) | Apartment | N/A | Residential | 2B | |
| 4 | Open Space | OUTDOOR RECREATIONAL SPACE | Apartment | N/A | Residential | 2B | |
| 5 | 1 | ELECTRICAL METER, ATS, GENERATOR, WATER METER AND WATER-PUMP METER ROOMS | Mechanical and/or electrical equipment room | 9 | Factory and Industrial | 2B | |
| 6 | 1 | COLD STORAGE, JANITOR CLOSET | Storage of non combustible Materials | 2 | Storage | 2B | |
| 7 | 1 | SUPPORTIVE OFFICE SUITE, NMANAGEMENT OFFICE, BUSINESS AREAS | Office | 15 | Business | 3A | |
| 8 | 1 | LOBBY, LOUNGE, PACKAGE ROOM, MULTIPURPOSE ROOM (28 OCC), STAFF ROOM, FITNESS (15 OCC), YOGA (11 OCC), ACTIVITY ROOM (13 OCC) | Apartment | 61 | Residential | 2B | |
| 9 | 2 | LAUNDRY, ELECTRICAL ROOM | Apartment | 2 | Residential | 2B | |
| 10 | 2 | FORTY-TWO (42) CLASS A APARTMENTS | Apartment | N/A | Residential | 2A | 42 |
| 11 | 3 | FORTY-TWO (42) CLASS A APARTMENTS | Apartment | N/A | Residential | 2A | 42 |
| 12 | 3 | LAUNDRY, ELECTRICAL ROOM | Apartment | 2 | Residential | 2B | |
| 13 | 4 | FORTY-TWO (42) CLASS A APARTMENTS | Apartment | N/A | Residential | 2A | 42 |
| 14 | 4 | LAUNDRY, ELECTRICAL ROOM | Apartment | 2 | Residential | 2B | |
| 15 | 5 | FORTY-TWO (42) CLASS A APARTMENTS | Apartment | N/A | Residential | 2A | 42 |
| 16 | 5 | LAUNDRY, ELECTRICAL ROOM | Apartment | 2 | Residential | 2B | |
| 17 | 5 | OUTDOOR TERRACE | Apartment | 6 | Residential | 2B | |
| 18 | 6 | FORTY-TWO (42) CLASS A APARTMENTS | Apartment | N/A | Residential | 2A | 42 |
| 19 | 6 | LAUNDRY, ELECTRICAL ROOM | Apartment | 2 | Residential | 2B | |
| 20 | 6 | OUTDOOR TERRACE | Apartment | 6 | Residential | 2B | |
| 21 | 7 | FORTY-TWO (42) CLASS A APARTMENTS | Apartment | N/A | Residential | 2A | 42 |
| 22 | 7 | LAUNDRY, ELECTRICAL ROOM | Apartment | 2 | Residential | 2B | |
| 23 | 7 | AMENITY ROOM | Apartment | 4 | Residential | 2B | |
| 24 | 7 | OUTDOOR TERRACE | Apartment | 19 | Residential | 2B | |
| 25 | 8 | FORTY-TWO (42) CLASS A APARTMENTS | Apartment | N/A | Residential | 2A | 42 |
| 26 | 8 | LAUNDRY, ELECTRICAL ROOM | Apartment | 2 | Residential | 2B | |
| 27 | 8 | AMENITY ROOM | Apartment | 2 | Residential | 2B | |
| 28 | 8 | OUTDOOR TERRACE | Apartment | 9 | Residential | 2B | |
| 29 | Roof | MEP AREA | Mechanical and/or electrical equipment room | 1 | Factory and Industrial | 2B | |
| 30 | Roof | BULKHEAD | Apartment | N/A | Residential | 2B |
Prior sales and revenue
The 102,000-square-foot property generated revenue of $2.6 million or $25 per square foot, according to the most recent income and expense figures.
Development
Dimitrios Katehis, senior construction executive of Gilbane Development submitted a new building construction project for a 250-unit, 179,779 square-foot residential (R-2) building at 2828 West 28 Street. The plan was filed on June 26, 2024. It calls for the construction of a 99-foot tall, eight-story building and was filed with the New York City Department of Buildings under job number B01049802. The architect is Dattner Architects. The project is described in the filing as: 246 unit senior building with cip podium and block and plank residential floors. facade to be fiber cement rain screen.building is elevated to meet 2080 projected sea level rise. consultation – 2828 west 28 street (bk) – 3ffffffff010312.
Violations and lawsuits
According to city public data, the property has received one DOB violation, 69 housing violations, and $3,000 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 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 $303 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, Coney Island has near average amount of major developments among other neighborhoods and is the 13th 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 11 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 102,000 square feet of the 150,002 square feet. The identified owner is Tredway. On the tax block, there was one new building construction project filed totaling 179,779 square feet. It is a 250-unit, 179,779 square-foot residential (R-2) building submitted by Gilbane Development and filed by Dimitrios Katehis with plans filed June 26, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Tredway owned at least seven commercial properties with 1,009 residential units in New York City with 1,094,304 square feet and a city-determined market value of $86.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 93 percent of the 1,094,304 square feet of built space are elevator properties, with walkup properties next occupying 7 percent of the space. They are all located in Brooklyn.
The owners according to the Department of Housing Preservation and Development includes Larry Hirscfield, head officer and Stacey Hunter, officer. The business entities are Sea Park Holdings Llc and Sea Park Holdings Llc.
The surrounding
This is the first commercial real estate event of interest identified within the 400-foot radius of 2826 West 28 Street in the past 24 months.
Direct link to the property’s ACRIS page and link to DOB NOW portal.