Oleg Gutnik plans 45-unit building in Gravesend

396-400 Avenue X (Credit - Robert J Palermo)

396-400 Avenue X (Credit - Robert J Palermo)

Property owner Oleg Gutnik filed an application seeking a zoning change through the New York City Department of City Planning to build a 45-unit residential building at 396-400 Avenue X in Gravesend, Brooklyn. He submitted the plans April 6, 2023.
The plans calls for an approximately 48,000-square-foot building with 45 apartments and about 8,500 square feet of commercial space to be built on two tax lots.
According to the filings, Gutnik through the entity PG Realty Investments LLC is seeking, “A zoning map amendment from R4/OP to R7A/C2-4/OP and a text amendment to map a Mandatory Inclusionary Housing Area (ZR Appendix F) to facilitate a new 48,000 square foot, 7-story residential (39,500 sf, 45 DUs) and commercial (8,500 sf) mixed-use building… by private applicant PG Realty Investments LLC at 396-400 Avenue X, Community District 15, Brooklyn.” Renderings from the architect Robert J. Palermo were submitted as part of the application.
Filing LINK

The application seeks to rezone the two tax lots Gutnik owns at 396 Avenue X and 400 Avenue X, as well as the adjacent six-story elevator building, which is a legal, non-confirming building in the R4 zone, which would not allow such a large building to be built.

396-400 Avenue X (Credit - Google)
396-400 Avenue X (Credit – Google)



Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.

Violations and lawsuits

According to city public data, the property has received $100 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 Gravesend, The bulk, or 40 percent of the 19.1 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 $362 million in sales volume in the last two years and is the 21st highest in Brooklyn. For development, Gravesend has near average amount of major developments among other neighborhoods and is the 13th highest in Brooklyn. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 43,974 square feet of the 53,916 square feet. The identified owner is A&E Real Estate Holdings. There are no active new building construction projects on this tax block.

The surrounding

Within a 400-foot radius of 398 Avenue X, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. Of those six items, three were sales above $5 million totaling $38.9 million. The most recent of the three was A&E Real Estate Holdings which bought the 45-unit rental (D1) on 410 Avenue X for $7.6 million from LeFrak on November 18, 2022. Of those six items, three were loans above $5 million totaling $25.8 million. The most recent of the three was A&E Real Estate Holdings in which borrowed $5.3 million from Signature Bank secured by the 45-unit rental (D1) on 410 Avenue X on November 18, 2022.

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

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