$41.9M condo plan is priciest ever in East Flatbush

Tolib Mansurov of United Elite Construction submitted a condominium plan through the entity 410 Lefferts LLC to create 56 residential units in a building at 408 Lefferts Avenue in East Flatbush, Brooklyn, called Lefferts Square Condominiumthat has a $41.9 million sellout, according to an May 1, 2023 submission to the New York State Attorney General. The principal of the sponsor, 410 Lefferts LLC, was Tolib Mansurov. The plan is number CD230110.

This is the most expensive condo plan ever filed in East Flatbush, according to a PincusCo analysis of data submitted with the New York State Attorney General. Prior to this, the most expensive plan filed was for $30 million which sponsors Jacob Ganzfried and Leon Landau submitted in September 2021.

Mansurov’s project is a new construction project. One January 16, 2020, Mansurov through the entity 410 Lefferts LLC submitted a new building construction project for a 56-unit, 58,893 square-foot residential (R-2) building at 408 Lefferts Avenue. The plan was permitted on December 13, 2021. It calls for the construction of a 65-foot tall, six-story building and was filed with the New York City Department of Buildings under job number 321588046.

Violations and lawsuits

According to city public data, the property has received $5,000 in ECB penalties and $5,750 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has near average sales volume among other neighborhoods with $268.5 million in sales volume in the last two years and is the 26th highest in Brooklyn. For development, East Flatbush has near average amount of major developments among other neighborhoods and is the 8th highest in Brooklyn. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 17 commercial properties representing 1,785 square feet of the 113,374 square feet. The identified owner is Nickel Luma. On the tax block, there were two new building construction projects totaling 117,786 square feet. The largest is a 58,893 square-foot business (B) building submitted by Tolib Mansurov with plans filed February 10, 2020 and permitted March 28, 2022. The second largest is a 56-unit, 58,893 square-foot residential (R-2) building submitted by Tolib Mansurov with plans filed January 16, 2020 and permitted December 13, 2021.

The surrounding

Within a 400-foot radius of 406 Lefferts Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. Of those five items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on March 28, 2022 for a 19,644-square-foot business (B) building with N/A residential unit at 461 East New York Avenue. One of those five items was a sale which Sholom Goldstein bought the 7,633-square-foot, 11-unit rental (D6) on 474 East New York Avenue for $5 million from Abraham Sofer on March 15, 2022. Of those five items, two were loans above $5 million totaling $22.3 million. The most recent of the two was JR Property Holdings in which borrowed $8.8 million from Northeast Community Bank secured by the 0-square-foot industrial (G7) on LEFFERTS Avenue on January 19, 2022.

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

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