Oleg Krasnitskiy signs $35M construction loan with Ponce Bank for 33K office development in Flatbush
1020 Rogers Avenue (Credit - Google)
Oleg Krasnitskiy through the entity 1020 Rogers Ave LLC as borrower signed a new construction loan with lender Ponce Bank valued at $35 million for the development building (V1) at 1020 Rogers Avenue in Flatbush, Brooklyn.
Oleg Krasnitsky filed plans for a 33,320-square-foot office (B) building on August 24, 2016 and they were permitted on June 9, 2022.
The deal closed on August 31, 2022 and was recorded on September 13, 2022. The property has zero square feet of built space and 18,003 square feet of additional air rights for a total buildable of 18,003 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $1,944 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 owner bought the property on August 16, 2016, for $2.7 million. The signatory for Oleg Krasnitskiy was Oleg Krasnitskiy.
The property
The 1020 Rogers Avenue parcel has frontage of 114 feet and is 129 feet deep with a total lot size of 7,409 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $704,000.
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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 $3,650 in ECB penalties and $3,650 in OATH penalties in the last year.
The neighborhood
In Flatbush, the majority, or 55 percent of the 37.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Flatbush has near average sales volume among other neighborhoods with $288.4 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, Flatbush has 1.5 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of five of the 17 commercial properties representing 52,619 square feet of the 80,676 square feet. The largest owner is Abraham Posner, followed by Oren Neria and then Moshe Deutsch.
The majority, or 53 percent of the 80,676 square feet of built space are elevator buildings, with walkup buildings next occupying 25 percent of the space.
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