Anatoly Lednyak pays $5.4M for school building in FiDi

Anatoly Lednyak through the entity Roebling Residential LLC paid $5.4 million to Alan Bigel through the entity Balom Realty Corp for the specialty building (W8) at 233 Water Street in Financial District, Manhattan. The building was previously occupied by the Blue School, which closed after the 2022-2023 school year.
The deal closed on December 21, 2023 and was recorded on January 9, 2024. The property has 4,836 square feet of built space and 9,720 square feet of additional air rights for a total buildable of 14,556 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,116 and the price per buildable square foot is $370 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 Alan Bigel was Alan Bigel. The signatory for Anatoly Lednyak was Anatoly Lednyak. The contract date was May 26, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Anatoly Lednyak had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Alan Bigel had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Financial District has 4,836 square feet of built space and 9,720 square feet of additional air rights for a total buildable of 14,556 square feet according to a PincusCo analysis of city data. The parcel has frontage of 33 feet and is 74 feet deep with a total lot size of 2,418 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the South Street Seaport Historic District. The city-designated market value for the property in 2022 is $1.6 million. The most recent loan totaled $13 million and was provided by Preston Hollow Capital on June 7, 2021.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $13 million money judgment concerning a mortgage filed on September 26, 2023, by Alan Bigel against Preston Hollow Capital. In addition, according to city public data, the property has received $3,200 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 29, 2016. 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $2.4 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 12.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 25 commercial properties representing 191,326 square feet of the 250,599 square feet. The largest owner is Tribeca Pediatrics, followed by Son Dinh Tran and then Marco Pasanella.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 250,599 square feet of built space are elevator buildings, with mixed-use buildings next occupying 30 percent of the space.

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