Vahe Sahakyan signs $7.4M construction loan for 16-unit project in Brighton Beach

Vahe Sahakyan through the entity Brighton 11th St Dev LLC as borrower signed a new construction loan with lender Colorado Federal Savings Bank valued at $7.4 million for the 16-unit development at 31 Brighton 11th Street in Brighton Beach, Brooklyn.
On these lots, there is one active new building construction project for a 16-unit, 16,728 square-foot R-2 building. The project was developed by Vahe Sahakyan with plans filed December 23, 2021.
The deal closed on February 27, 2023 and was recorded on February 28, 2023. The prior lender was Antoninia Zeltser and Sabina Zak who held debt that had an original loan amount of $800,000.
The signatory for Vahe Sahakyan was Vahe Sahakyan. The signatory for Colorado Federal Savings Bank was Mark Dressel.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $2,500 in ECB penalties and $2,500 in OATH penalties in the last year.

The block

On the tax block of 31 Brighton 11th Street, PincusCo has identified the owners of two of the eight commercial properties representing 50,500 square feet of the 239,280 square feet. The two identified owners are Sentinel Real Estate and City of New York.
On the tax block, there were two new building construction projects totaling 47,337 square feet. The largest is a zero-unit, 30,609-square-foot B building developed by Natalya Zagranichny with plans filed July 13, 2021 and permitted January 20, 2022. The second largest is a 16-unit, 16,728-square-foot R-2 building developed by Vahe Sahakyan with plans filed December 23, 2021 and permitted May 12, 2022.

The majority, or 99 percent of the 239,280 square feet of built space are elevator buildings, with mixed-use buildings next occupying 1 percent of the space.

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