Oleksandr Nad signs $13M construction loan with Colorado Federal for 18-unit project in Two Bridges

Oleksandr Nad through the entity 83 Madison Holdings LLC as borrower signed a new construction loan with lender Colorado Federal Savings Bank valued at $13 million for the 18-unit development project at 83 Madison Street in Two Bridges, Manhattan.

On the lot, there is one active new building construction project, M00979759, for an 18-unit, 24,041 square-foot residential (R-2) building. The project was submitted by Oleksandr Nad on December 21, 2023 and permitted March 10, 2026.
The loan closed on May 29, 2026 and was recorded on June 22, 2026. The prior lender was Colorado Federal Savings Bank which held debt that had an original loan amount of $2.4 million. The loan price per planned development square foot is $541 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 November 21, 2023, for $5.2 million. The signatory for Oleksandr Nad was Oleksandr Nad.

The property

The specialty building in Two Bridges has 7,556 square feet of built space and 9,756 square feet of additional air rights for a total buildable of 17,299 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,029 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.1 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 one DOB violation, $2,400 in ECB penalties, and $2,400 in OATH penalties in the last year.

The neighborhood

In Two Bridges, The majority, or 61 percent of the 4.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 19 percent of the space. In sales, Two Bridges has the 42nd highest sale turnover among other neighborhoods in Manhattan with $14.5 million in sales volume in the last two years. For development, Two Bridges has had very little major development activity relative to other neighborhoods.It had 36,435 square feet of commercial and multi-family construction under development in the last two years, which represents 0.83 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 33 commercial properties representing 71,722 square feet of the 306,542 square feet. The largest owner is Danny Guo , followed by Miklos A. Vasarhelyi and then Jack S. Tom.
On the tax block, there was one new building construction project filed totaling 20,810 square feet. It is a 18-unit, 20,810 square-foot residential (R-2) building submitted by Oleksandr Nad and filed by Madison Street with plans filed December 21, 2023 and permitted March 10, 2026.

The majority, or 97 percent of the 306,542 square feet of built space are walkup buildings, with elevator buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Oleksandr Nad owned at least seven commercial properties with 78 residential units in New York City with 76,107 square feet and a PincusCo-determined asset value of $72.5 million. 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 86 percent of the 76,107 square feet of built space are elevator properties, with M1 properties next occupying 9 percent of the space. The bulk, or 90 percent of the built space, is in Brooklyn, with Manhattan next at 9 percent of the space.

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