Mikhail Sadetsky pays $3M for industrial in Canarsie

Mikhail Sadetsky through the entity Nostrand Building 1 LLC paid $3 million to Dennis Dolce through the entity BLD Real Estate Division Corp. for the industrial building (G1) at 1474 Ralph Avenue in Canarsie, Brooklyn. The expected use is cash flowing.
The deal closed on January 27, 2026 and was recorded on February 11, 2026. The property has 9,800 square feet of built space and 856 square feet of additional air rights for a total buildable of 10,700 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $306 and the price per buildable square foot is $280 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 Dennis Dolce was Dennis Dolce. The signatory for Mikhail Sadetsky was Mikhail Sadetsky. The contract date was August 6, 2018.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Mikhail Sadetsky had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Dennis Dolce had not purchased any other properties and had not sold any properties over the same time period. The 9,800-square-foot property generated revenue of $218,540 or $22 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Canarsie has 9,800 square feet of built space and 856 square feet of additional air rights for a total buildable of 10,700 square feet according to a PincusCo analysis of city data. The parcel has frontage of 134 feet and is 100 feet deep with a total lot size of 10,700 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1 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 received $75 in OATH penalties 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 Canarsie, The bulk, or 28 percent of the 11.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 25 percent of the space. In sales, Canarsie has near average sales volume among other neighborhoods with $333.4 million in sales volume in the last two years and is the 23rd highest in Brooklyn. For development, Canarsie has had very little major development activity relative to other neighborhoods.It had 295,842 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 12 of the 98 commercial properties representing 136,241 square feet of the 445,730 square feet. The largest owner is Life Storage, followed by Yosef Sternberg and then Joseph Sorrentino.
On the tax block, there were two new building construction projects totaling 67,827 square feet. The largest is a 37,589 square-foot 74 building submitted by Tomassetti and filed by Serafino Tomassetti with plans filed December 19, 2023 and permitted October 2, 2024. The second largest is a one-unit, 30,238 square-foot storage (S-1) building submitted by Woodmont Development and filed by Simon Neil with plans filed February 24, 2017 and it has not been permitted yet.

The majority, or 81 percent of the 445,730 square feet of built space are industrial buildings, with mixed-use buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Dennis Dolce owned at least one commercial property in New York City with 5,900 square feet and a city-determined market value of $476,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.

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