Zinoviy and Aleksandr Zaltsman plans 36 units in Greenwood Heights, bought site for $11.4M
240 19th Street (Credit - Ilya Vilnits architect via DOB)
Zinoviy Zaltsman and Aleksandr Zaltsman of PSZ5, LLC submitted a new building construction project for a 36-unit, 46,356 square-foot residential (R-2) building at 240 19th Street at the corner of 5th Avenue, in Greenwood Heights, Brooklyn. The plan was filed with the New York City Department of Buildings on June 25, 2024 under job number B01042844. It calls for the construction of a six-story building. The project is described in the filing as: new six-story mixed-use building. The architect is The Vilnits Group. The Zaltsmans are Brooklyn condominium developers, building at least four projects in the past 12 years, including 398 Kings Highway and 1916 Avenue X.
The plans call for retail on the ground floor, and seven apartments on the second floor, eight apartments on floors three to five, and five on the sixth floor. The plans describe a roof with recreational space and 10 private roof terraces.
The property
The existing mixed-use building with eight residential units in Greenwood Heights has 23,400 square feet of built space and 7,242 square feet of additional air rights for a total buildable of 30,600 square feet according to a PincusCo analysis of city data. The parcel has three buildings with frontage of 120 feet and is 85 feet deep with a total lot size of 10,200 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 million. The zoning description for the project includes three neighboring tax lots, 248 19th Street, 667 5th Avenue and 667A Fifth Avenue, so the developers may be buying air rights, though a zoning lot merger has not yet been filed. The axonometric illustration does not show the project utilizing those neighboring properties for the footprint of the building.
Prior sales and revenue
This property was sold by Lane Capital Partners for $11.4 million to Zinoviy Zaltsman on February 20, 2024.
240 19th Street B01042844
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | RETAIL | Retail Sale | 115 | Mercantile | VI | |
| 2 | Cellar | ACCESSORY TENANT STORAGE, ACCESSORY PET SPA AND METER ROOMS. | Apartment | N/A | Residential | II | |
| 3 | 1 | RETAIL LOBBY | Retail Sale | N/A | Mercantile | VI | |
| 4 | 1 | LOBBY , TRASH ROOM, 19 ACCESSORY PARKING SPACES. | Apartment | N/A | Residential | II | |
| 5 | 2 | SEVEN (7) DWELLING UNITS AND ACCESSORY RECREATION SPACE | Apartment | 15 | Residential | II | 7 |
| 6 | 3 | EIGHT (8) DWELLING UNITS | Apartment | N/A | Residential | II | 8 |
| 7 | 4 | EIGHT (8) DWELLING UNITS | Apartment | N/A | Residential | II | 8 |
| 8 | 5 | EIGHT (8) DWELLING UNITS | Apartment | N/A | Residential | II | 8 |
| 9 | 6 | FIVE (5) DWELLING UNITS | Apartment | N/A | Residential | II | 5 |
| 10 | Roof | BUILDING RECREATION SPACE, (50 PERSON OCCUPANCY), 10 PRIVATE ACCESSORY ROOF TERRACES. | Apartment | 50 | Residential | II |
Violations and lawsuits
According to city public data, the property has received $1,250 in ECB penalties and $4,700 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 Greenwood Heights, The bulk, or 37 percent of the 16.2 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 36 percent of the space. In sales, Greenwood Heights has near average sales volume among other neighborhoods with $443.7 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Greenwood Heights has near average amount of major developments among other neighborhoods and is the 8th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 11 of the 26 commercial properties representing 60,509 square feet of the 159,904 square feet. The largest owner is Firebird Grove, followed by Frank Picone and then G-Way Management. On the tax block, there were three new building construction projects totaling 61,192 square feet. The largest is a 36-unit, 46,356 square-foot residential (R-2) building submitted by Aleksandr Zaltsman with plans filed June 25, 2024 and it has not been permitted yet. The second largest is a eight-unit, 9,834 square-foot residential (R-2) building submitted by Keivan Farhagian and filed by Keivan Farhadian with plans filed September 13, 2022 and permitted May 12, 2023.
The owner
The PincusCo database currently indicates that Zinoviy Zaltsman owned at least one commercial property with eight residential units in New York City with 23,400 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.
The surrounding
Within a 400-foot radius of 240 19th Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. Of those two items, one was in new building development. It was a new building permit issued on September 13, 2022 for a 15,049-square-foot residential (R-2) building with 21 residential units at 643 5th Avenue. Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit issued on December 1, 2022 for the $504,000 renovation of 39,402-square-foot residential (R-2) building with 29 residential units at 255 18th Street.
Direct link to the property’s ACRIS page and link to DOB NOW portal.