Oleg Krasnitskiy, Raquel Wasserman pay $1.5M for 5-unit property in Sheepshead Bay

Oleg Krasnitskiy and Raquel Wasserman through the entity 2990 Nostrand Property LLC paid $1.5 million to Yasser Aly through the entity 2990 Nostrand Avenue Realty LLC for five-unit mixed-use building (S5) at 2990 Nostrand Avenue in Sheepshead Bay, Brooklyn.
The deal closed on January 26, 2023 and was recorded on February 9, 2023.The property has 5,100 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $294 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 May 30, 2014, for $880,000. The signatory for Yasser Aly was Yasser Aly. The signatory for Oleg Krasnitskiy and Raquel Wasserman was Raquel Wasserman.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Oleg Krasnitskiy purchased one properties in one transactions for a total of $1.8 million and has no record it sold any properties over the past 24 months.
The seller Yasser Aly had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Yasser Aly, individual owner and Osama Aly, site manager.

The property

The 2990 Nostrand Avenue parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $886,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $100 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 $5 million on this tax lot.

The neighborhood

In Sheepshead Bay, the bulk, or 44 percent of the 26.5 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 1.6 times the average sales volume among other neighborhoods with $537.6 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 645,875 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 21 commercial properties representing 5,100 square feet of the 120,400 square feet. The identified owner is Maria Apergis.
there are no active new building construction projects on this tax block.

the majority, or 43 percent of the 120,400 square feet of built space are walkup buildings, with mixed-use buildings next occupying 39 percent of the space.

The buyer

The PincusCo database currently indicates that Oleg Krasnitskiy owned at least two commercial properties in New York City with 4,802 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio has $35 million in debt, borrowed from Ponce Bank. Within the portfolio, the bulk, or 100 percent of the 4,802 square feet of built space are mixed-use properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.

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