Alex Finkelshteyn files plans for 30-unit project in Sheepshead Bay

Alex Finkelshteyn of 2518 Ocean Avenue LLC submitted a new building construction project for a 30-unit, 23,504 square-foot residential (R-2) building at 2518 Ocean Avenue in Sheepshead Bay, Brooklyn. The plan was filed with the New York City Department of Buildings on October 18, 2022 under job number B08022562. It calls for the construction of a nine-story building. The project is described in the filing as: proposed nine-story new residential multi-family apartment building.

The property

The 2518 Ocean Avenue parcel has frontage of 23 feet and is 125 feet deep with a total lot size of 2,955 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $313,000.

Development

Alex Finkelshteyn of 2518 Ocean Avenue LLC submitted a new building construction project for a 30-unit, 23,504 square-foot residential (R-2) building at 2518 Ocean Avenue. The plan was filed on October 18, 2022. It calls for the construction of a 80-foot tall, nine-story building and was filed with the New York City Department of Buildings under job number B08022562. The architect is Z Architecture Pllc. The project is described in the filing as: proposed 9 story new residential multi-family apartments building.

Violations and lawsuits

According to city public data, the property has received $50 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

The neighborhood

In Sheepshead Bay, the bulk, or 43 percent of the 25.8 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 near average sales volume among other neighborhoods with $311.9 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Sheepshead Bay has near average amount of major developments among other neighborhoods and is the 24th highest in Brooklyn. It had 614,850 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 16 commercial properties representing 34,000 square feet of the 235,611 square feet. The identified owner is Chatram Persaud. On the tax block, there were two new building construction projects totaling 47,025 square feet. The largest is a 25-unit, 23,521 square-foot R-2 building developed by Ying Fu with plans filed June 27, 2019 and it has not been permitted yet. The second largest is a 30-unit, 23,504 square-foot R-2 building developed by Alex Finkelshteyn with plans filed October 18, 2022 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 2518 Ocean 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 June 18, 2021 for a 10,740-square-foot R-2 building with 10 residential units at 2537 Ocean Avenue. One of those two items was a loan which Albert Srour borrowed $5 million from New York Community Bank secured by the 34,000-square-foot, 42-unit rental (C1) on 2530 Ocean Avenue on August 8, 2022.

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