Yelena Vaynshteyn signs $35M construction loan for 24-unit project in Sheepshead Bay

Yelena Vaynshteyn through the entity 815 Khy Group LLC as borrower signed a new construction loan with lender Ponce Bank through the entity Ponce Bank valued at $35 million for the 24-unit project at 815 Kings Highway in Sheepshead Bay, Brooklyn.
There is a new building project for a 24-unit, 108,489 square-foot residential R-2 building submitted by Yelena Maksumov with plans filed December 22, 2021.
The deal closed on June 22, 2023 and was recorded on July 3, 2023.
The owner bought the property on June 22, 2021, for $12.2 million. The signatory for Yelena Vaynshteyn was Yelena Vaynshteyn. The signatory for Ponce Bank was Steven A. Tsavaris. The developers also have a $7.5 million subordinate loan held by an entity, Kings Ditmas Capital LLC, that shares an address with owner Yelena Vaynshteyn.

The property

The parcel has frontage of 103 feet and is 170 feet deep with a total lot size of 15,839 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $8.7 million. The most recent loan totaled $7.5 million and was provided by Kings Ditmas Capital,LLC on March 28, 2023.

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 10 DOB violations, $3,680 in ECB penalties, and $3,730 in OATH penalties in the last year.

The neighborhood

In Sheepshead Bay, The bulk, or 43 percent of the 26.5 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 1.4 times the average sales volume among other neighborhoods with $487.6 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 683,982 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 60,100 square feet of the 170,544 square feet. The two identified owners are Yelena Vaynshteyn and Netanel Jacobov.
On the tax block, there were three new building construction projects totaling 433,363 square feet. The largest is a one-unit, 162,437 square-foot hotel/dormitory/shelter (R-1) building submitted by Alex Klein and filed by Alex Klein with plans filed December 1, 2014 and it has not been permitted yet. The second largest is a 26-unit, 162,437 square-foot residential (R-2) building submitted by HT Capital Group (defunct) and filed by Yi Han with plans filed September 29, 2015 and it has not been permitted yet.

The majority, or 63 percent of the 170,544 square feet of built space are walkup buildings, with retail buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Yelena Vaynshteyn owned at least three commercial properties with 23 residential units in New York City with 68,382 square feet and a city-determined market value of $9.4 million. (Market value is typically about 50% of actual value.) The portfolio has $22.2 million in debt, borrowed from Columbia Capital Company and Popular Bank. Within the portfolio, the bulk, or 66 percent of the 68,382 square feet of built space are retail properties, with elevator properties next occupying 34 percent of the space. The bulk, or 66 percent of the built space, is in Brooklyn, with Bronx next at 34 percent of the space.

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