Maul Schilippa pays $2.6M to Mikhail Faide for dev site in Brighton Beach

Maul Schilippa through the entity Brighton 5th Development LLC paid $2.6 million to Mikhail Faide through the entity 2929 Brighton 5 LLC for development building at 2929 Brighton 5th Street in Brighton Beach, Brooklyn.
The deal closed on February 1, 2022 and was recorded on February 9, 2022.
The property has 0 square feet of built space and 15,552 square feet of additional air rights for a total buildable of 15,552 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $167 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 seller bought the property on September 11, 2015, for $1.2 million.
The signatory for Mikhail Faide was Mikhail Faide. The signatory for Maul Schilippa was Maul Schilippa.

(320262871) Plans for a 14-unit, 14,006 square-foot R-2 were filed on January 19, 2011 and were permitted on September 14, 2011.
In Brighton Beach, the majority, or 57 percent of the 13.1 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 16 percent of the space. In sales, Brighton Beach has the 43rd highest sale turnover among other neighborhoods in Brooklyn with $13.8 million in sales volume in the last two years. For development, Brighton Beach has had very little major development activity relative to other neighborhoods.It had 692,857 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
On the tax block, the majority, or 72 percent of the 138,454 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 17 percent of the space.
Within a 400-foot radius of 2929 Brighton 5th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, three were in new building development. There were two new building permit applications and one new building permit. The most recent of these three items was a filing on May 5, 2020 for a 55,660-square-foot E building with N/A residential unit at 2953 Brighton 6th Street.
One of those four items was a loan which Leonid Bogomolniy borrowed $6.4 million from Spruce Capital secured by the development site (V0) on 506 Brighton 5th Lane and three other properties on March 6, 2020.

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