Developer Leonid Bogomolniy signs $5.25M contract in Two Bridges

Developer Leonid Bogomolniy as buyer signed a $5.25 million contract to acquire from the Roman Catholic Church of St. Joachim the three-story former convent building at 83 Madison Street, also known as 85 Madison Street, in Two Bridges, Manhattan.

Bogomolniy owns and has has developed properties in Brooklyn and Queens, but this would be his first property in Manhattan, according to a PincusCo analysis of Acris and Department of Buildings records.

The property in Two Bridges has 7,556 square feet of built space and 9,756 square feet of additional air rights for a total buildable of 17,299 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,029 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2 million.

According to the contract, the only brokerage firm was Cushman & Wakefield. The firm’s Michael DeCheser, Robert Burton and Michael Gembecki have a listing for the property, asking $7 million. 83_Madison_St-Setup

According to the listing, “The building is prime for a residential conversion and extension, utilizing the additional 9,478 residential ZFA to create a 17,000+ SF free market rental or condo building. There are additional air rights for community facility use as well.”

The PincusCo database currently indicates that Leonid Bogomolniy owned at least nine commercial properties with 104,592 square feet, 68 residential units and a city-determined market value of $4.4 million. (Market value is typically about 50% of actual value.) The portfolio has $25.6 million in debt, borrowed from Spruce Capital and Hirshmark Capital. Within the portfolio, the bulk, or 66 percent of the 104,592 square feet of built space are elevator properties, with V0 properties next occupying 34 percent of the space. They are all located in Brooklyn.

The block

On this tax block, PincusCo has identified the owners of four of the 33 commercial properties representing 32,278 square feet of the 306,542 square feet. The largest owner is Asian Americans For Equality, followed by Jack S. Tom and then Kam Lan Realty Corp.. There are no active new building construction projects on this tax block.

The surrounding

Within a 400-foot radius of 85 Madison Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months. Of those five items, one was in new building development. It was a new building permit issued on March 31, 2022 for a 97,700-square-foot residential (R-2) building with 80 residential units at 59 Henry Street. Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on June 1, 2022 for the $749,000 renovation of 2,800-square-foot mercantile (M) building with zero residential units at 20 Henry Street. Of those five items, three were loans above $5 million totaling $134.5 million. The most recent of the three was Delshah Capital in which borrowed $70 million from Signature Bank secured by the 8,150-square-foot, 21-unit rental (C7) on 41 Henry Street and 27 other properties on November 1, 2022.

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