RedHoek+ signs $30M refi with S3 Capital for $76M condo project in Gravesend

RedHoek+ through the entity DDG 362 Ave U Owner LLC as borrower signed a refi loan with lender S3 Capital through the entity S3 Re 362 Avenue U Funding LLC valued at $30 million for the development parcel (V1) at 362 Avenue U in Gravesend, Brooklyn.

On the lot, there is one active new building construction project, B00829312, for a 12-unit, 29,821 square-foot residential (R-2) building. The project was submitted by Lee Cohen and filed by Jack Tawil with plans filed February 17, 2023 and permitted January 30, 2024. On the tax lot, the most recent condominium plan was filed by DDG 362 AVE U OWNER LLC to create 12 residential units in a building at 2102 East 1st Street in Gravesend, Brooklyn, called 2102 East 1st Street Condominium that has a $76.2 million sellout, according to an January 16, 2024 submission to the New York State Attorney General. The principal of the sponsor, DDG 362 AVE U OWNER LLC, was Lee Cohen.
The deal closed on October 30, 2025 and was recorded on November 18, 2025. The prior lender was Urban Standard Capital which held debt that had an original loan amount of $27.5 million.The property has zero square feet of built space and 29,964 square feet of additional air rights for a total buildable of 29,964 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $N/A and the price per buildable square foot is $1,001 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 September 29, 2022, for $7.5 million. The signatory for RedHoek+ was Lee Cohen . The signatory for S3 Capital was Joshua Crane .

The property

The parcel has frontage of 100 feet and is 60 feet deep with a total lot size of 9,988 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $475,000.

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 $16,340 in ECB penalties and $18,140 in OATH penalties in the last year.

The neighborhood

In Gravesend, The bulk, or 40 percent of the 19.2 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 $334.9 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, Gravesend has had very little major development activity relative to other neighborhoods.It had 546,466 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 7,600 square feet of the 7,600 square feet. The identified owner is Redhoek+Partners.
On the tax block, there were two new building construction projects totaling 59,230 square feet. The largest is a 12-unit, 29,821 square-foot residential (R-2) building submitted by Lee Cohen and filed by Jack Tawil with plans filed February 17, 2023 and permitted December 26, 2023. The second largest is a 12-unit, 29,409 square-foot residential (R-2) building submitted by Lee Cohen and filed by Jack Tawil with plans filed October 6, 2022 and permitted June 16, 2023.

The majority, or 100 percent of the 7,600 square feet of built space are mixed-use buildings, with industrial buildings next occupying 0 percent of the space.

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