Bayrock Capital pays $13M to ASA College founder for dormitory in Boerum Hill

Bayrock Capital through the entity 316 Partners LLC paid $13 million to an affiliate of ASA College founder Alex Shchegol through the entity 316-318 Atlantic, LLC for the dormitory (H8) at 316 Atlantic Avenue in Boerum Hill, Brooklyn.
The deal closed on August 6, 2021 and was recorded on August 20, 2021.
The property has 18,500 square feet of built space and 0 square feet of additional air rights for a total buildable of 13,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $702 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 6-Aug-21, for $13.0 million.
The signatory for Alex Shchegol was Alex Shchegol. The signatory for Bayrock Capital was Daniel Rabinowitz.

The contract date was March 1, 2021. Rabinowitz is a partner at Bayrock.  Alex Shchegol is the founder and former president of the private ASA College.  He left the position of president following allegations of sexual impropriety made in 2018.

Within a 400-foot radius of 316 Atlantic Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $250,000 and two permits with a total initial cost of $2.3 million. The most recent of these three items was the filing on November 6, 2020 for a 8,871-square-foot R-3 building with five residential units at 338 Atlantic Avenue.
Of those five items, two were loans above $5 million totaling $24.5 million. The most recent of the two was Hersha Hospitality Trust which borrowed $18.0 million from Citibank, N.A. secured by one condo unit in the 47,639-square-foot, 55-unit mixed-use building (RM) on 75 Smith Street on July 24, 2020.

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