Aleksandr Finkelshteyn, Igor Sobolevsky sign $12M refi with Patriot Bank for office building in Midwood

Aleksandr Finkelshteyn and Igor Sobolevsky through the entity 1937 Coney Island LLC as borrower signed a refi loan with lender Patriot Bank valued at $12 million for the office building (O6) at 1938 Coney Island Avenue in Midwood, Brooklyn.
The deal closed on November 29, 2021 and was recorded on December 7, 2021.
The property has 41,564 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $288 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 owner bought the property on November 12, 2015, for $4 million.
The signatory for Aleksandr Finkelshteyn and Igor Sobolevsky was Aleksandr Finkelshteyn and Igor Sobolevsky.
(321126517)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on August 26, 2021. (321126517) Plans for the 36,621 square-foot office (B) building were filed on February 23, 2016 and were permitted on August 21, 2017.
Within a 400-foot radius of 1938 Coney Island Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on March 6, 2020 for a 35,964-square-foot R-2 building with 43 residential units at 1941 Coney Island Avenue.
One of those two items was a loan which Tona Construction borrowed $16.4 million from BCB Community Bank secured by the 46-unit rental (D7) on 1941 Coney Island Avenue on February 20, 2020.

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