Businessman Vitaly Yusufov consolidated a project to build an elite residential complex near the Kremlin

Businessman Vitaly Yusufov became the direct owner of the company, which owns the project for the construction of an elite residential complex near the Kremlin. Experts note that after a slight decline, the expensive real estate segment in Moscow began to recover.

Vitaly Yusufov became the sole founder of Citizen LLC at the end of December 2023, as follows from SPARK data. The company owns two plots with a total area of ​​1.3 hectares on Sadovnicheskaya Street in Zamoskvorechye in the center of Moscow, according to data from the Unified State Register of Real Estate. Previously, the founders of Citizen were little-known entrepreneurs – Alexander Leonov and Nikolai Bobovnikov. It was not possible to contact the company itself. Mr. Yusufov’s representative did not respond to Kommersant’s request.

Vitaly Yusufov is the son of Igor Yusufov, who served as Minister of Energy in 2001–2004. Previously, the businessman controlled Osnova Telecom, which developed the LTE network in Russia (see “Kommersant” dated December 19, 2019), and the shipbuilding company Nordic Yards (see “Kommersant” dated March 3, 2016). Now Mr. Yusufov is a co-owner of the online store of farm products “Eat Rustic”.

The property on Sadovnicheskaya Street on Balchug Island not far from the Kremlin was purchased by Citizen LLC at auction in 2018. In addition to the land, the perimeter of the deal included 13 buildings located on it with a total area of ​​7.8 thousand square meters. m. Then the transaction amount was 2.4 billion rubles. Some of the buildings were dismantled in 2019, which caused a negative reaction from city defenders: we were talking about the buildings of the commissariat warehouse of the Moscow Military District of the late 19th – early 20th centuries. But active implementation of the new project never began.

In September 2023, the town planning and land commission at the Moscow City Hall approved the construction of 42.4 thousand square meters on Sadovnicheskaya Street. m in the dimensions of the external walls, follows from the text of the decision. The project’s website states that we are talking about deluxe residential real estate. But the Moskomarkhitektura told Kommersant that so far there have been no applications for the issuance of architectural and urban planning solutions for this address.

Timur Ryvkin, director of the residential real estate and land development department at Nikoliers, estimates the cost of the project at 11–12 billion rubles. Managing partner of Metrium Ruslan Syrtsov believes that the starting cost of sales of space in this project will be 0.8–1 million rubles. for 1 sq. m, and sales revenue will reach 18–20 billion rubles. Timur Ryvkin believes that the weighted average price will be at least 2.5 million rubles. for 1 sq. m.

The project is located in a prestigious location, on the embankment, notes Tatyana Podkidysheva, executive director of NDV Real Estate Supermarket. The expert estimates the share of Zamoskvorechye in the structure of demand for high-budget new buildings at 4.8%. NF Group partner Olga Shirokova adds that the level of competition in the area around Sadovnicheskaya Street is low.

According to Metrium’s calculations, in the elite segment of new buildings in Moscow, 396 transactions, or 54.5 thousand square meters, were concluded under equity participation agreements in 2023. m. Year-on-year growth was 7.5%. Mr. Syrtsov expects a moderate increase in purchasing activity this year as well. According to Ms. Podkidysheva, high-budget real estate continues to be perceived by buyers as a “safe haven for investment.” Managing partner of Intermark City Real Estate Dmitry Khalin expects stable demand for luxury new buildings in the first quarter. There are no factors contributing to its increase or decrease, he explains.

The complex on Sadovnicheskaya Street is not the only development project of Vitaly Yusufov. According to Kartoteka.ru, the businessman also controls SZ Tankovy LLC, the developer of a residential building in Lefortovo. According to materials on the project website, construction is managed by Hansa Development JSC, which, as indicated in Kartoteka.rucontrolled by LLC “Investment Company “Argo”” Vitaly Yusufov.

Alexandra Mertsalova, Anatoly Kostyrev, Daria Andrianova