RedHoek+ signs $20.7M loan with S3 Capital for 22-unit condo construction project in Red Hook

RedHoek+ through the entity DDG 379 Vb Owner LLC as borrower signed a loan with lender S3 Capital through the entity S3 Re Perpetual Yield Funding LLC valued at $20.7 million for the 11-unit residential elevator building (D7) at 381 Van Brunt Street in Red Hook, Brooklyn.

On the lot, there is one active new building construction project, B00725872, for a 22-unit, 29,956 square-foot residential (R-2) building. The project was submitted by Jack Tawil with plans filed May 1, 2022 and permitted May 2, 2024. On the tax lot, the most recent condominium plan was filed by DDG 379 VB LLC to create 22 residential units and 2 commercial units in a building at 381 Van Brunt Street in Red Hook, Brooklyn, called 381 Van Brunt Street Condominium, according to an November 04, 2025 submission to the New York State Attorney General. The principal of the sponsor, DDG 379 VB LLC, was Lee Cohen.
The deal closed on December 17, 2025 and was recorded on January 2, 2026. The prior lender was S3 Capital which held debt that had an original loan amount of $12 million.The property has 23,266 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $889 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on November 4, 2021, for $5.2 million. The signatory for RedHoek+ was Lee Cohen . The signatory for S3 Capital was Joshua Crane .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $18,750 in ECB penalties and $18,950 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of four of the 14 commercial properties representing 4,413 square feet of the 28,710 square feet. The largest owner is Salvatore Ingravallo, followed by Sokol Selmani and then Redhoek+Partners.
On the tax block, there were seven new building construction projects totaling 82,944 square feet. The largest is a 60-unit, 46,120 square-foot residential (R-2) building submitted by Procida Companies and filed by Peter Procida with plans filed December 19, 2025 and it has not been permitted yet. The second largest is a 11-unit, 15,599 square-foot residential (R-2) building submitted by Jack Tawil with plans filed May 1, 2022 and permitted December 14, 2023.

The majority, or 52 percent of the 28,710 square feet of built space are mixed-use buildings, with walkup buildings next occupying 40 percent of the space.

The borrower

The PincusCo database currently indicates that Redhoek+ owned at least one commercial property in New York City with 7,600 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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