Oleg Krasnitskiy pays $3.5M for 28-unit dev site in Kensington

Oleg Krasnitskiy through the entity Newkirk 214 LLC paid $3.5 million to the entity 214 Newkirk LLC for the three-unit mixed-use building (S3) at 214 Newkirk Avenue in Kensington, Brooklyn. The expected use is ground up development.

On the lot, there is one active new building construction project, B01227440, for a 28-unit, 18,734 square-foot residential (R-2) building. The project was submitted by Oleg Krasnitskiy and filed by Oleg Krasnitskiy with plans filed May 26, 2025 and it has not been permitted yet.
The deal closed on April 28, 2026 and was recorded on May 13, 2026. The property has 3,036 square feet of built space and 16,000 square feet of additional air rights for a total buildable of 19,048 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,152 and the price per buildable square foot is $183 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 the late Liaqat Ali Raja was Nazakat Ali, Sundas Liqat, Shazia Kanwal, and Muhammad Ali. The signatory for Oleg Krasnitskiy was Raquel Vasserman . The contract date was April 9, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Oleg Krasnitskiy purchased one property in one transaction for a total of $2.8 million and has no record it sold any properties over the past 24 months.

The property

The mixed-use building with 3 residential units in Kensington has 3,036 square feet of built space and 16,000 square feet of additional air rights for a total buildable of 19,048 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 95 feet deep with a total lot size of 4,762 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 $369,600.

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 four DOB violations, $25,000 in ECB penalties, and $27,630 in OATH penalties in the last year.

The neighborhood

In Kensington, The bulk, or 44 percent of the 10.2 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, Kensington has had very little sales volume relative to other neighborhoods with $118.8 million in sales volume in the last two years. For development, Kensington has had very little major development activity relative to other neighborhoods.It had 316,436 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 two of the three commercial properties representing 79,956 square feet of the 82,992 square feet. The two identified owners are Solomon Schwimmer and Langsam Property Services.
On the tax block, there was one new building construction project filed totaling 18,734 square feet. It is a 28-unit, 18,734 square-foot residential (R-2) building submitted by Oleg Krasnitskiy and filed by Oleg Krasnitskiy with plans filed May 26, 2025 and it has not been permitted yet.

The majority, or 96 percent of the 82,992 square feet of built space are elevator buildings, with mixed-use buildings next occupying 4 percent of the space.

The buyer

The PincusCo database currently indicates that Oleg Krasnitskiy owned at least five commercial properties with 118 residential units in New York City with 12,214 square feet and a PincusCo-determined asset value of $64.3 million. The portfolio has $43.9 million in debt, borrowed from Ponce Bank. Within the portfolio, the bulk, or 81 percent of the 12,214 square feet of built space are mixed-use properties, with B3 properties next occupying 18 percent of the space.

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