Borough Developers, Watermark pay $24M to Tolib Mansurov for 99-unit dev site in Park Slope

Borough Developers and Watermark Capital Group through the entity Sixty Seven Fourth LLC paid $24 million to Tolib Mansurov through the entity 75 Fourth Ave LLC for six properties making up a development site at 75 4th Avenue in Park Slope, Brooklyn.

On these lots, there is one active new building construction project, B01249173, for a 99-unit, 88,943 square-foot R-2 building. The project was submitted by Borough Developers and filed by Shimon Kleinman with plans filed July 15, 2025 and it has not been permitted yet.
The deal closed on September 18, 2025 and was recorded on September 29, 2025. The six properties have 24,212 square feet of built space and 30,833 square feet of additional air rights for a total buildable of 55,052 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $991 and the price per buildable square foot is $435 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 Tolib Mansurov was Yevgeny Tsyngauz . The signatory for Borough Developers and Watermark Capital Group was Meir D. Tabak . The contract date was May 20, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Borough Developers purchased nine properties in eight transactions for a total of $34.3 million and has no record it sold any properties over the past 24 months.
The seller Tolib Mansurov had not purchased any other properties and had not sold any properties over the same time period. Out of the six properties, three with a total of 24,212 square feet of built space generated revenue of $483,729 per year.

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 received $3,730 in OATH penalties in the last year.

The neighborhood

In Park Slope, The bulk, or 36 percent of the 9.8 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space. In sales, Park Slope has 2.6 times the average sales volume among other neighborhoods with $761.7 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 75 4th Avenue, PincusCo has identified the owners of nine of the 22 commercial properties representing 36,691 square feet of the 83,491 square feet. The largest owner is United Elite Group, followed by Joel Schwartz and then Roberto Alfonso.
On the tax block, there was one new building construction project filed totaling 88,943 square feet. It is a 99-unit, 88,943 square-foot residential (R-2) building submitted by Borough Developers and filed by Shimon Kleinman with plans filed July 15, 2025 and it has not been permitted yet.

The majority, or 87 percent of the 83,491 square feet of built space are mixed-use buildings, with walkup buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Watermark Capital Group owned at least 142 commercial properties with 1,563 residential units in New York City with 1,684,851 square feet and a city-determined market value of $330.8 million. (Market value is typically about 50% of actual value.) The portfolio has $338.3 million in debt, with top three lenders as Slate Property Group, BridgeCity Capital, and QuadReal Property Group respectively. Within the portfolio, the bulk, or 49 percent of the 1,684,851 square feet of built space are walkup properties, with elevator properties next occupying 15 percent of the space. The bulk, or 88 percent of the built space, is in Brooklyn, with Queens next at 6 percent of the space.
The PincusCo database currently indicates that Borough Developers owned at least 16 commercial properties with 144 residential units in New York City with 180,150 square feet and a city-determined market value of $25.7 million. (Market value is typically about 50% of actual value.) The portfolio has $67.5 million in debt, with top three lenders as S3 Capital, Strong Entities, and Broadview Capital respectively. Within the portfolio, the bulk, or 43 percent of the 180,150 square feet of built space are specialty properties, with D1 properties next occupying 32 percent of the space. The bulk, or 57 percent of the built space, is in Brooklyn, with Manhattan next at 43 percent of the space.

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