Monadnock files to demolish buildings in Gowanus ahead of 301-unit project
142 2nd Street (Credit - Google)
Frank Dubinsky, chief operating officer at Monadnock Development, through the entity Third Street Owner LLC submitted two demolition applications for commercial (COM) buildings at 142 2nd Street and 141 3rd Street in Gowanus, Brooklyn. The plans was filed with the New York City Department of Buildings on November 14, 2022 under job numbers 322158856 and 322158847. They each call for the demolition of a one-story building. The projects are described in the filings as: full demolition of one story structure using hand held and mechanical means to assist.
Monadnock Development submitted a new building construction project for a 301-unit, 265,987 square-foot residential (R-2) building at 155 3 Street. The plan was filed on December 8, 2021. It calls for the construction of a 225-foot tall, 22-story building and was filed with the New York City Department of Buildings under job number B00640761. The architect is Dattner Architects. The project is described in the filing as: construct new 22 story building per plans filed herewith.
The lot is 53,237 square feet with a width of 190 feet.
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 Gowanus, the bulk, or 47 percent of the 9.3 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 19 percent of the space. In sales, Gowanus has near average sales volume among other neighborhoods with $506.2 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Gowanus is the 8th most active neighborhood among other neighborhoods. It had 4.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 50 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of three of the 10 commercial properties representing 24,100 square feet of the 58,433 square feet. The two identified owners are Monadnock Development and Ido Paul Amit. On the tax block, there were three new building construction projects totaling 365,649 square feet. The largest is a 301-unit, 265,987 square-foot residential (R-2) building developed by Monadnock Development with plans filed December 8, 2021 and it has not been permitted yet. The second largest is a 84-unit, 73,135 square-foot residential (R-2) building developed by Orange Management with plans filed November 15, 2021 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Monadnock Development owned at least 50 commercial properties in New York City with 1,890,442 square feet and a city-determined market value of $227.9 million. (Market value is typically about 50% of actual value.) The portfolio has $495.8 million in debt, with top three lenders as New York City Housing Authority, NYC Housing Development Corporation, and Wells Fargo respectively. Within the portfolio, the bulk, or 73 percent of the 1,890,442 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 92 percent of the built space, is in Manhattan, with Bronx next at 7 percent of the space.
The surrounding
Within a 400-foot radius of 144 2 Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. Of those six items, three were in new building development. There were three new building permit applications. The most recent of these three items was a filing on December 8, 2021 for a 265,987-square-foot R-2 building with 301 residential units at 155 3rd Street. One of those six items was a sale which Ido Paul Amit bought the 1,600-square-foot, one-unit industrial (F5) on 132 2nd Street for $21.6 million from Property Markets Group on March 11, 2022. Of those six items, two were loans above $5 million totaling $21 million. The most recent of the two was Ido Paul Amit which borrowed $16 million from Maxim Capital Group secured by the 1,600-square-foot, one-unit industrial (F5) on 132 2nd Street on March 11, 2022.
Direct link to the property’s ACRIS page and link to DOB NOW portal.