RNS Holdings files condo plan in Windsor Terrace with $26.9M sellout

Shiraz Sanjana of RNS Holdings through the entity 10th Ave Development LLC filed a condominium plan to create 17 residential units in a building at 1712 10th Avenue in Windsor Terrace, Brooklyn, called the Parisa Condominium that has a $26.9 million sellout, according to an April 5, 2023 submission to the New York State Attorney General. The principal of the sponsor, 10th Ave Development LLC, was Shiraz Sanjana.
RNS Holdings and its managing member Shiraz Sanjana have developed a large number of condominiums, according to its website.

This is a new construction project. Sanjana submitted a new building construction project for a 17-unit, 18,921 square-foot residential (R-2) building at 1712 10th Avenue with the New York City Department of Buildings on October 13, 2021 under job number B00595582. It calls for the construction of a three-story building.

Sanjana was sanctioned by the state in 2014 and at the time barred from selling condos for 16 months.

The property

The parcel has frontage of 140 feet and is 100 feet deep with a total lot size of 14,016 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The most recent loan totaled $11 million and was provided by Preferred Bank on July 25, 2022.

Prior sales and revenue

This property was sold with 3 other properties by Trans Video Communications for $6 million to Shiraz Sanjana on October 7, 2021.

Violations and lawsuits

According to city public data, the property has received $26,340 in ECB penalties and $27,340 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

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 near average sales volume among other neighborhoods with $64.3 million in sales volume in the last two years and is the 41st highest in Brooklyn. For development, Windsor Terrace has near average amount of major developments among other neighborhoods and is the 42nd highest in Brooklyn. It had 62,889 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 four of the eight commercial properties representing 3,400 square feet of the 21,706 square feet. The two identified owners are Jeff Winter and RNS Holdings. On the tax block, there were four new building construction projects totaling 26,987 square feet. The largest is a 17-unit, 18,921 square-foot residential (R-2) building submitted by Shiraz Sanjana with plans filed October 13, 2021 and permitted September 8, 2022. The second largest is a one-unit, 2,703 square-foot residential (R-3) building submitted by Jeff Coman with plans filed September 13, 2011 and permitted December 10, 2018.

The owner

The PincusCo database currently indicates that Rns Properties owned at least three commercial properties in New York City with 0.0 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are development properties, with industrial properties next occupying 0 percent of the space.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 1708 10 Avenue in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.