Oleksandr Nad pays $3.5M for dev site in Windsor Terrace

Oleksandr Nad through the entity 92 Ppsw LLC paid $3.5 million to John Wu through the entity Progressive Development Partners, LLC for the development site (V0) at 92 Prospect Park Sw in Windsor Terrace, Brooklyn.
The deal closed on January 31, 2024 and was recorded on February 2, 2024. The property has zero square feet of built space and 17,730 square feet of additional air rights for a total buildable of 17,730 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $197 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 John Wu was Susan Tan. The signatory for Oleksandr Nad was Oleksandr Nad. The contract date was October 26, 2023. John Wu is listed as president of the seller entity in a prior document.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Oleksandr Nad purchased one property in one transaction for a total of $5.2 million and has no record it sold any properties over the past 24 months.
The seller John Wu had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 26 feet and is 142 feet deep with a total lot size of 5,910 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $458,000.

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 one DOB violation, $10,030 in ECB penalties in the last year.

Development

On the lot, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 27,653 square feet. The largest is a new building project for a 11-unit, 13,518 square-foot R-2 building submitted by John Chien-Lung Wu with plans filed February 24, 2014 and it has not been permitted yet. The second largest is a new building project for a nine-unit, 10,160 square-foot R-2 building submitted by John Chien-Lung Wu with plans filed September 16, 2019 and it has not been permitted yet.

The neighborhood

In Windsor Terrace, The bulk, or 43 percent of the 2.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 28 percent of the space. In sales, Windsor Terrace has had very little sales volume relative to other neighborhoods with $94.9 million in sales volume in the last two years. For development, Windsor Terrace has had very little major development activity relative to other neighborhoods.It had 30,711 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 3,180 square feet of the 6,600 square feet. The identified owner is Pamela Smoudianis As Trustee.
On the tax block, there were three new building construction projects totaling 27,653 square feet. The largest is a 11-unit, 13,518 square-foot residential (R-2) building submitted by John Chien-Lung Wu with plans filed February 24, 2014 and it has not been permitted yet. The second largest is a nine-unit, 10,160 square-foot residential (R-2) building submitted by John Chien-Lung Wu with plans filed September 16, 2019 and it has not been permitted yet.

The majority, or 100 percent of the 6,600 square feet of built space are mixed-use buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Oleksandr Nad owned at least four commercial properties with 65 residential units in New York City with 73,379 square feet and a city-determined market value of $8.7 million. (Market value is typically about 50% of actual value.) The portfolio has $30 million in debt, with top three lenders as Arbor Realty Trust, Emerald Creek Capital, and Industrial and Commercial Bank of China respectively. Within the portfolio, the bulk, or 90 percent of the 73,379 square feet of built space are elevator properties, with M1 properties next occupying 10 percent of the space. The bulk, or 90 percent of the built space, is in Brooklyn, with Manhattan next at 10 percent of the space.

Direct link to Acris document. link