RedHoek+Partners files plans for 12-unit project in Gravesend

Jack Tawil, vice president of RedHoek+Partners submitted a new building construction project for a 12-unit, 29,821 square-foot residential (R-2) building at 2102 East 1st Street at the corner of Avenue U in Gravesend, Brooklyn. The plan was filed with the New York City Department of Buildings on February 17, 2023 under job number B00829312. It calls for the construction of a six-story building. The project is described in the filing as: herewith filed six-story residential new building. The architect is Barak Pliskin.

The property

RedHoek + Partners filed demolitions plans in January to remove two existing buildings. The parcel has frontage of 100 feet 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 $1 million. The most recent loan totaled $6 million and was provided by BridgeCity Capital on September 29, 2022.

Prior sales and revenue

This property was sold by Arlene Sardell and Grace Sardell for $7.5 million to RedHoek+Partners on September 29, 2022.

The 7,600-square-foot property generated revenue of $219,373 or $29 per square foot, according to the most recent income and expense figures.

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 Gravesend, The bulk, or 39 percent of the 18.7 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 $351.9 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 1.3 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 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 RedHoek+Partners and filed by Jack Tawil with plans filed February 17, 2023 and it has not been permitted yet. The second largest is a 12-unit, 29,409 square-foot residential (R-2) building submitted by RedHoek+Partners and filed by Jack Tawil with plans filed October 6, 2022 and it has not been permitted yet. That project is also along Avenue U.

The owner

The PincusCo database currently indicates that Redhoek+Partners owned at least 14 commercial properties with 20 residential units in New York City with 29,978 square feet and a city-determined market value of $6.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 46 percent of the 29,978 square feet of built space are mixed-use properties, with elevator properties next occupying 38 percent of the space. They are all located in Brooklyn.

The surrounding

Within a 400-foot radius of 368 Avenue U, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, three were sales above $5 million totaling $23.6 million. The most recent of the three was RedHoek+Partners which bought the 4,108-square-foot, four-unit four-family building (C3) on 2110 East 1st Street for $5 million from Joseph Minardi, Salvatore Minardi, and Grace Minardi on October 3, 2022. One of those four items was a loan which RedHoek+Partners borrowed $22.5 million from S3 Capital secured by the 0-square-foot industrial (G7) on 346 Avenue U and one other property on April 14, 2022.

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