33 Equities pays $11M for newly built 33-unit rental in Soundview

33 Equities through the entity 545 Nw 28 St LLC paid $11 million to Genc Lakaj through the entity 751 Rosedale LLC for the newly constructed 33-unit residential elevator building (D3) at 751 Rosedale Avenue in Soundview, Bronx.
The deal closed on October 25, 2023 and was recorded on November 8, 2023. The property has 21,711 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $506 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Genc Lakaj was Genc Lakaj. The signatory for 33 Equities was Tucker Shane. The contract date was September 20, 2022.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer 33 Equities purchased two properties in two transactions for a total of $30.2 million and has no record it sold any properties over the past 24 months.
The seller Genc Lakaj had not purchased any other properties and had not sold any properties over the same time period.

The property

The residential elevator building with 33 residential units in Soundview has 21,711 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,499 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $195,000. The most recent loan totaled $5.8 million and was provided by Northeast Community Bank on October 26, 2021.

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 not received any significant violations in the last year.

Development

On the lot, there is was a new building construction project for a 33-unit, 19,657 square-foot R-2 building. The project was submitted by Genc Lakaj with plans filed December 24, 2020 and permitted November 24, 2021.

The block

On this tax block, PincusCo has identified the owners of two of the four commercial properties representing 60,650 square feet of the 73,754 square feet. The two identified owners are New York City Housing Authority and Genc Lakaj.
On the tax block, there was one new building construction project filed totaling 19,657 square feet. It is a 33-unit, 19,657 square-foot residential (R-2) building submitted by Genc Lakaj with plans filed December 24, 2020 and permitted November 24, 2021.

All properties are elevator.

The seller

The PincusCo database currently indicates that Genc Lakaj owned at least five commercial properties with 67 residential units in New York City with 31,556 square feet and a city-determined market value of $3.9 million. (Market value is typically about 50% of actual value.) The portfolio has $5.8 million in debt, borrowed from Northeast Community Bank. Within the portfolio, the bulk, or 79 percent of the 31,556 square feet of built space are walkup properties, with elevator properties next occupying 21 percent of the space. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that 33 Equities owned at least two commercial properties with 81 residential units in New York City with 58,487 square feet and a city-determined market value of $8.9 million. (Market value is typically about 50% of actual value.) The portfolio has $39.3 million in debt, with top three lenders as Dwight Capital, Israel Discount Bank, and Peapack-Gladstone Bank respectively. Within the portfolio, the bulk, or 72 percent of the 58,487 square feet of built space are elevator properties, with walkup properties next occupying 28 percent of the space. The bulk, or 72 percent of the built space, is in Bronx, with Manhattan next at 28 percent of the space.

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