Yair Yaish is developing a seven-unit condominium building at 251 St Marks Avenue in Prospect Heights called Condos @ 251 St. Marks that has a $12.5 million sellout, according to plans filed August 23 with the New York State Attorney General. The principals of the project are Yair Yaish and Ariel Sholomov.

The 253 St Marks Avenue parcel has frontage of 40 feet and is 131 feet deep with a total lot size of 5,240 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $535,000.The most recent loan totaled $5.5 million and was provided by Quanta on 2021-11-23 00:00:00.

The industrial building in Prospect Heights has 7,800 square feet of built space and 2,672 square feet of additional air rights for a total buildable of 10,480 square feet according to PincusCo analysis of city data. The property is owned by Yair Yaish. Yaish filed plans in September 2021 to convert a two-story commercial building with no residential units to a four-story, 12,306-square-foot building with seven residential units.

Property

On this tax block, PincusCo has identified the owners of seven of the 19 commercial properties representing 270,656 square feet of the 322,770 square feet. The largest owner is City of New York, followed by Luria Academy Of Brooklyn and then Dan Noble. There are no active new building construction projects on this tax block.

Over the past five years, there have been two NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $750,000. Those filings sought to increase the number of residential units by seven to seven.

The PincusCo database currently indicates that Yair Yaish owned at least five commercial properties in New York City with 19,955 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio has $5.5 million in debt, borrowed from Quanta and Toorak Capital Partners. Within the portfolio, the bulk, or 62 percent of the 19,955 square feet of built space are industrial properties, with walkup properties next occupying 26 percent of the space. They are all located in Brooklyn.

Within a 400-foot radius of 253 St Marks Avenue, Pincusco identified six commercial real estate items of interests occurred over the past 24 months. Of those six items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $3.6 million and one initial temporary certificate of occupancy issuance for a project that initially costed $1.3 million. The most recent of these two items was the permit on February 12, 2021 for a 28,780-square-foot E building with N/A residential units at 664 Bergen Street. One of those six items was a sale which Meridian Properties bought the 15,384-square-foot, 29-unit rental (D1) on 269 Prospect Place for $6.4 million from Richard A. Kaplin on March 16, 2021. Of those six items, three were loans above $5 million totaling $30.3 million. The most recent of the three was Luria Academy Of Brooklyn which borrowed $10.7 million from Bank of New York Mellon secured by two condo units in the 7,509-square-foot, two-unit office building (RB) on 235 St Marks Avenue on May 20, 2021.