Albert Aranbaev pays $3.2M to Sugar Hill for mixed-use in Bedford Stuyvesant

Albert Aranbaev through the entity 235 MXB LLC paid $3.2 million to Sugar Hill Capital Partners through the entity 235 Mxb Residences, LLC for the six-unit mixed-use building (S9) at 235 Malcolm X Boulevard in Bedford Stuyvesant, Brooklyn. The expected use is cash flowing.
The deal closed on April 7, 2025 and was recorded on April 21, 2025. The property has 6,760 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $473 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 seller bought the property on October 21, 2015, for $10 million. The signatory for Sugar Hill Capital Partners was Margaret Grossman . The signatory for Albert Aranbaev was Albert Aranbaev. The contract date was January 24, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Albert Aranbaev had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sugar Hill Capital Partners purchased one property in one transaction for a total of $10 million and sold six properties in five transactions for a total of $21.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Scott Castellano, head officer and Doron Yaghoubi, agent. The business entities are Trihill Management Llc and 235 Mxb Residences, Llc.

The property

The mixed-use building with 6 residential units in Bedford Stuyvesant has 6,760 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 80 feet deep with a total lot size of 2,080 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 $5.3 million and was provided by New York Community Bank on August 26, 2022.

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 one housing violation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.3 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.7 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. There were four pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 15 of the 22 commercial properties representing 119,117 square feet of the 152,498 square feet. The largest owner is Ran David, followed by Barry Hers and then Delshah Capital.
On the tax block, there were four new building construction projects totaling 20,063 square feet. The largest is a eight-unit, 6,590 square-foot residential (R-2) building submitted by Paul Castrucci|Vito D’Amico|Jordan Grayson and filed by Paul Castrucci with plans filed January 20, 2022 and permitted January 26, 2023. The second largest is a five-unit, 6,435 square-foot residential (R-2) building submitted by Page Kelsey with plans filed July 28, 2017 and it has not been permitted yet.

The majority, or 82 percent of the 152,498 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Sugar Hill Capital Partners owned at least 77 commercial properties with 1,551 residential units in New York City with 1,466,813 square feet and a city-determined market value of $178.7 million. (Market value is typically about 50% of actual value.) The portfolio has $142.3 million in debt, with top three lenders as Signature Bank, Citibank, and New York Community Bank respectively. Within the portfolio, the bulk, or 55 percent of the 1,466,813 square feet of built space are walkup properties, with elevator properties next occupying 33 percent of the space. The bulk, or 69 percent of the built space, is in Manhattan, with Brooklyn next at 31 percent of the space.

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