RNS Holdings pays $3.8M for dev site in Bay Ridge

RNS Holdings through the entity Bay Ridge Luxury Condos LLC paid $3.8 million to Mousa Khalil through the entity Famulari, Esq As Referee, Dominic J for the specialty building (Z9) at 436 97th Street in Bay Ridge, Brooklyn. The expected use is ground up development.
The deal closed on September 11, 2025 and was recorded on September 19, 2025. The property has zero square feet of built space and 17,131 square feet of additional air rights for a total buildable of 17,131 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $220 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 the court was referee Dominic J. Famulari . The signatory for RNS Holdings was Shiraj Sanjana. The contract date was June 26, 2025. This is a vacant parcel lost in foreclosure. Mousa Khalil was a prior borrower.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer RNS Holdings had purchased any other properties and has no record it sold any properties over the past 24 months.

The property

The parcel has frontage of 90 feet and is 141 feet deep with a total lot size of 12,690 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 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 not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Bay Ridge, The bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has near average sales volume among other neighborhoods with $313.1 million in sales volume in the last two years and is the 23rd highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 294,265 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.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 10,383 square feet of the 23,394 square feet. The identified owner is Mario Prestigiacomo.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 23,394 square feet of built space are walkup buildings, with mixed-use buildings next occupying 31 percent of the space.

The buyer

The PincusCo database currently indicates that RNS Holdings owned at least four commercial properties with 27 residential units in New York City with 12,455 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) The portfolio has $11 million in debt, borrowed from Preferred Bank. Within the portfolio, the bulk, or 54 percent of the 12,455 square feet of built space are industrial properties, with development properties next occupying 46 percent of the space. They are all located in Brooklyn.

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