Oleksandr Nad signs $8.7M refi with Emerald Creek for condo in Sheepshead Bay

Oleksandr Nad through the entity 2652 E 18 Street, LLC as borrower signed a refi loan with lender Emerald Creek Capital through the entity Emerald Creek Capital 3, LLC valued at $8.7 million for the 18-unit condominium project at 2652 East 18th Street in Sheepshead Bay, Brooklyn.
The deal closed on March 2, 2023 and was recorded on March 6, 2023. The prior lender was S3 Capital which held debt that had an original loan amount of $7 million.
On the lot, there is one new building construction project for an 18-unit, 18,362 square-foot residential (R-2) building. The project was developed by Leonid Bogomolniy with plans filed July 24, 2019 and permitted January 22, 2021

The signatory for Oleksandr Nad was Oleksandr Nad. The signatory for Emerald Creek Capital was Mark Penna.

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 $2,500 in ECB penalties in the last year.

Development

On the lot, there is one active new building construction project for a 18-unit, 18,362 square-foot R-2 building. The project was developed by Leonid Bogomolniy with plans filed July 24, 2019 and permitted January 22, 2021.
On the tax lot, the most recent condominium plan was filed by 2652 E 18 Street LLC to create 18 residential units and 1 commercial unit in a building at 2652 East 18th Street in Sheepshead Bay, Brooklyn, called 2654 East 18th Street Condominium that has a $15 million sellout, according to an June 30, 2022 submission to the New York State Attorney General.The principals of the sponsor, 2652 E 18 Street LLC, were Leonid Berlinkov and Lyudmila Berlinkov.

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 1.5 times the average sales volume among other neighborhoods with $525.8 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 687,099 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 39 commercial properties representing 43,750 square feet of the 243,928 square feet. The two identified owners are Oleksandr Nad and Nehlkumar T. Gandhi.
On the tax block, there were three new building construction projects totaling 76,093 square feet. The largest is a 68-unit, 19,113-square-foot hotel (R-1) building developed by Nehalkumar Gandhi with plans filed December 20, 2019 and permitted December 15, 2020. The second largest is a 18-unit, 18,362-square-foot R-2 building developed by Leonid Bogomolniy with plans filed July 24, 2019 and permitted January 22, 2021.

The majority, or 25 percent of the 212,963 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

The borrower

The PincusCo database currently indicates that Oleksandr Nad owned at least two commercial properties in New York City. The portfolio has $12.3 million in debt, borrowed from Industrial and Commercial Bank of China and S3 Capital. Within the portfolio, all identified are elevator properties.

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