Real estate firm buys seven-acre Gravesend lot for $57.5 million

gravesend sale
A real estate investment firm bought more than seven acres of waterfront land in Gravesend from the Gagliano family, who’s owned the property since the 1960s.
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A real estate investment firm purchased more than seven acres of land along Shore Parkway for $57.5 million, property records show. 

New York-based FBE Limited bought the five properties, which currently house a large parking lot and a pier that extends from Bay 41st Street into Gravesend Bay. The lots — 1900 Shore Parkway and 1894 Shore Parkway, along with three other adjacent properties — are located just south of the amusement park Adventurer’s Park, previously known as Nellie Bly.

Documents list Thomas Gagliano as the seller, and records indicate that the land had been in the Gagliano family since 1967, the Real Deal first reported. In addition to owning the properties, the family runs Marine Basin Marina from the Bay 41st Street pier, which accommodates more than 200 boats. 

FBE Limited, headed by Abraham Fruchthandler, owns about 25 million square feet of commercial and residential lots nationwide, including several high-profile New York City properties. The investment company is partnering with Jamestown Properties, Belvedere Capital and Angelo, and Gordon & Co. to redevelop Industry City, a 32-acre industrial complex in Sunset Park, and in 2018, the firm flipped an Inwood mixed-use development for $55 million — more than twice what it paid earlier that year, the Real Deal reported. 

Abraham Fruchthandler’s son, Ephraim Fruchthandler, landed on former Public Advocate Letitia James’ “Worst Landlord List” in 2015 for racking up more than 400 building code violations in his Harlem apartment building. Fruchthandler is still listed on the Crown Heights Tenant Union’s “Worst Landlord Watch List” for allegedly attempting to deregulate rent-stabilized apartments and ignoring repair requests for his Classson Avenue building. Fruchthandler has also come under fire for allegedly attacking his wife with a queen-size mattress in 2017, the Post reported

The Gravesend property is zoned as an M1-1 district, which allows for light manufacturing, such as repair shops, woodworking shops, and storage facilities. Now, the site houses the marina, the parking lot, a fishing charter, and jet ski tour and rental company that docks on the pier. 

FBE Limited and Thomas Gagliano declined to comment on the sale, but a source with intimate knowledge of the sale said that developers planned to build a mall and an Amazon storage facility on the site.

“The plan is they’re going to put up a strip mall by Shore Parkway and behind it an Amazon warehouse,” said the source, who spoke on the condition of anonymity. 

However, a tenant of 1900 Shore Parkway claimed that the strip mall plan was just hearsay.

“It’s all rumors, but no one knows for sure,” said Rudy, a captain at Lady L Charters, a fishing charter located on the pier. 

Amazon representatives did not respond to requests for comment.