Doctor group pays $3.5M to Alexander Kaganovsky for medical office in Sheepshead Bay

The doctor Ian Wall as signatory through the entity MYDL Ocean LLC (Multi Member LLC paid $3.5 million to Alexander Kaganovsky through the entity Health Care Properties, LLC for the specialty building (I5) at 2700 Ocean Avenue in Sheepshead Bay, Brooklyn. The expected use is owner-occupied.
The deal closed on April 28, 2025 and was recorded on May 2, 2025. The property has 11,796 square feet of built space and 8,200 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $296 and the price per buildable square foot is $175 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 Alexander Kaganovsky was Alexander Kaganovsky. The signatory for Ian Wall was Ian Wall. The contract date was November 20, 2024. The transfer says 11/20/2025 for the contract date, which is not possible since it’s after the sale date. PincusCo made an assumption that the actual contract date was 11/20/2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ian Wall had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Alexander Kaganovsky had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Sheepshead Bay has 11,796 square feet of built space and 8,200 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 125 feet deep with a total lot size of 5,000 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 $3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

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 Sheepshead Bay, The bulk, or 43 percent of the 26.6 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 1.5 times the average sales volume among other neighborhoods with $405.4 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 736,401 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 180,000 square feet of the 322,596 square feet. The largest owner is Charles Alpert (271), followed by Benedict Realty Group and then Marc Abrams.
There are no active new building construction projects on this tax block.

The majority, or 96 percent of the 322,596 square feet of built space are elevator buildings, with specialty buildings next occupying 4 percent of the space.

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