Albert Nakash pays $4.2M for commercial condos in Sheepshead Bay

Albert Nakash, a vice president at the shoe importer Rasolli Footwear, through the entity R & J Warehouse, Inc. paid $4.2 million to Vadim Brom and Vitaly Kontorovich through the entity 1702 Avenue Z, Inc. for the office and retail condominium units at 1702 Avenue Z in Sheepshead Bay, Brooklyn. The expected use is cash flowing.
The deal closed on April 24, 2025 and was recorded on May 5, 2025. The seven properties have 11,701 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $354 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 signatory for Vadim Brom and Vitaly Kontorovich was Vadim Brom and Vitaly Kontorovich. The signatory for Albert Nakash was Albert Nakash. The contract date was March 21, 2025. These are commercial condo units on the lower level, first and second floors of 1702 Avenue Z.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1702 Avenue Z.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Albert Nakash had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vadim Brom had not purchased any other properties and had not sold any properties over the same time period.

The property

The office condo in Sheepshead Bay has 11,701 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,407 square feet. The property has a 421A exemption that started in 2012 and expires in 2027. The city-designated market value for the property in 2022 is $764,635.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations 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 Sheepshead Bay, The bulk, or 43 percent of the 26.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 1.5 times the average sales volume among other neighborhoods with $408.9 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 726,712 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 1702 Avenue Z, PincusCo has identified the owners of five of the 29 commercial properties representing 53,228 square feet of the 202,817 square feet. The largest owner is Bawabeh Brothers, followed by Maheshchand Ratanji and then Oleksandr Nad.
On the tax block, there were two new building construction projects totaling 87,194 square feet. The largest is a 26-unit, 48,576 square-foot residential (R-2) building submitted by BWH Group and filed by Daniel Grinshteyn with plans filed October 1, 2024 and it has not been permitted yet. The second largest is a 27-unit, 38,618 square-foot residential (R-2) building submitted by Moses Kupferstein with plans filed March 23, 2022 and permitted February 21, 2024.

The majority, or 26 percent of the 202,817 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

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