Unfinished Building in Ermolovo Sold for Developer's Debts

In the village of Ermolovo, Yaroslavl Oblast, an unfinished apartment building with an area of 1,716 square meters and a land plot of 0.5 hectares has been put up for auction on the RTS-tender website.

The building is located parallel to Slavyanskaya Street, opposite a completed three-story building. According to maps, it is near the problematic Zeleny Bor (Green Forest) residential complex, where equity holders of two houses have yet to receive their keys.

The owner is OOO Spetsializirovanny Zastroyshchik Praktik (Specialized Developer Praktik, LLC), registered in Yaroslavl in 2007. The general director and owner is Sergey Lazarev. The company«s main activity is road construction.

According to data from the end of 2020, Praktik«s revenue was 1.1 million rubles ($12,900 at current rates), and net profit was 3.1 million rubles ($36,500 at current rates). These funds likely came from asset sales or securities revaluation rather than core operations.

Later, the developer faced financial difficulties. In 2022, a major bank recovered overdue loan debt of over 3 million rubles ($35,300 at current rates) from it through court. Additionally, Praktik owed 15.3 million rubles ($180,000 at current rates) to entrepreneur Sergey Okhov, who provides financial intermediation consulting. Okhov is presumably the former director of the representative office of the Association of Builders of Russia in Yaroslavl Oblast.

Due to the debts, the unfinished building and land plot were seized and put up for sale. The starting price of the building, which is only 9% complete, is set at 20.3 million rubles ($238,800 at current rates). The property is pledged to Sergey Okhov.

Bids from potential buyers are accepted until July 29, 2026. The auction is scheduled for July 31.