RedHoek+Partners plans 12-unit building in Gravesend

Jack Tawil, director of development of RedHoek+Partners submitted a new building construction project for a 12-unit, 29,409 square-foot R-2 building at 346 Avenue U in Gravesend, Brooklyn. The plan was filed with the New York City Department of Buildings on October 6, 2022 under job number B08011331. It calls for the construction of a six-story building.

RedHoek also owns the neighboring parcel along Avenue U.

The property

The 354 Avenue U parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,580 square feet. The lot is irregular. 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 $585,000.The most recent loan totaled $22.5 million and was provided by S3 Capital on March 31, 2022.

Prior sales and revenue

The property is owned by RedHoek+Partners.

Development

The architect is Barak Pliskin. The project is described in the filing as: herewith filed six-story residential new building.

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 since September of 2020.

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 $270.1 million in sales volume in the last two years and is the 23rd highest in Brooklyn. For development, Gravesend has near average amount of major developments among other neighborhoods and is the 14th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the three commercial properties representing zero square feet of the 7,600 square feet. The identified owner is RedHoek+Partners. On the tax block, there was one new building construction project filed totaling 29,409 square feet. It is a 12-unit, 29,409 square-foot R-2 building developed by Jack Tawil with plans filed October 6, 2022 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Redhoek+Partners owned at least 14 commercial properties 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 38 percent of the 29,978 square feet of built space are elevator properties, with retail properties next occupying 25 percent of the space. They are all located in Brooklyn.

The surrounding

Within a 400-foot radius of 354 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 $22.6 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 $6 million from BridgeCity Capital secured by the 7,600-square-foot, seven-unit mixed-use building (K2) on 364 Avenue U and one other property on October 3, 2022.

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