Pervez Siddiqui pays $2.3M for 19-unit dev site in Brighton Beach

Pervez A. Siddiqui through the entity 238 Ocean View Real Estate LLC paid $2.3 million to Alexander Kogan through the entity 234 Ocean LLC for the development site (V0) at 238 Ocean View Avenue in Brighton Beach, Brooklyn. The expected use is ground up development.
On the lot, there is one active new building construction project, B00578743, for a 19-unit, 12,950 square-foot R-2 building. The project was submitted by Alex Kogan with plans filed September 20, 2021 and permitted April 27, 2022.
The deal closed on October 14, 2024 and was recorded on October 30, 2024. The property has no built space and a total buildable of 14,580 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $157 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 Alexander Kogan was Yevgeny Tsyngauz. The signatory for Pervez A. Siddiqui was Pervez A. Siddiqui. The contract date was July 19, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Pervez A. Siddiqui purchased one property in one transaction for a total of $5 million and has no record it sold any properties over the past 24 months.
The seller Alexander Kogan had not purchased any other properties and had not sold any properties over the same time period. The 3,296-square-foot property generated revenue of $62,163 or $19 per square foot, according to the most recent income and expense figures.

The property

The development building with 4 residential units in Brighton Beach has 3,296 square feet of built space and 14,580 square feet of additional air rights for a total buildable of 14,580 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,000 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 $658,000.

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 $50 in OATH penalties in the last year.

The neighborhood

In Brighton Beach, The majority, or 56 percent of the 8.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 12 percent of the space. In sales, Brighton Beach has had very little sales volume relative to other neighborhoods with $163.3 million in sales volume in the last two years. For development, Brighton Beach has had very little major development activity relative to other neighborhoods.It had 126,952 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 five of the 15 commercial properties representing 33,407 square feet of the 60,125 square feet. The largest owner is Simon Mirzokandov, followed by Michael I. Geylik and then Pyotr Yadgarov.
On the tax block, there was one new building construction project filed totaling 12,950 square feet. It is a 19-unit, 12,950 square-foot residential (R-2) building submitted by Alex Kogan with plans filed September 20, 2021 and permitted April 27, 2022.

The majority, or 49 percent of the 60,125 square feet of built space are retail buildings, with mixed-use buildings next occupying 34 percent of the space.

The buyer

The PincusCo database currently indicates that Pervez A. Siddiqui owned at least two commercial properties with 20 residential units in New York City with 16,588 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. The bulk, or 73 percent of the built space, is in Brooklyn, with Manhattan next at 27 percent of the space.

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