AG Holding Group signs $17M construction loan with Kearny for 67-unit project in Bedford Park

AG Holding Group through the entity 21 E 198 Realty LLC as borrower signed a new construction loan with lender Kearny Bank valued at $17 million for the 67-unit project at 21 East 198th Street in Bedford Park, Bronx.

On the lot, there is one active new building construction project, X01089171, for a 67-unit, 43,613-square-foot residential (R-2) building. The project is led by Andrea Gjini with plans filed April 23, 2025 and permitted February 9, 2026.
The deal closed on April 17, 2026 and was recorded on May 14, 2026. The prior lender was Houlihan & O’Malley Commercial Services which held debt that had an original loan amount of $1.6 million. The loan price per planned development square foot is $390 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 owner bought the property on October 22, 2024, for $1.8 million. The signatory for AG Holding Group was Andrea Gjini . The signatory for Kearny Bank was Jonathan Atkinson .

The property

The parcel has frontage of 51 feet and is 133 feet deep with a total lot size of 6,480 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $823,000. Kearny Bank on April 17, 2026 bought a loan with an original principal of $1.6M from Houlihan & O’Malley Commercial Services signed by Daniel J. Houlihan Jr. , secured by 21 East 198th Street, when owned by AG Holding Group .

The neighborhood

In Bedford Park, The bulk, or 49 percent of the 20.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Bedford Park has had very little sales volume relative to other neighborhoods with $164 million in sales volume in the last two years. For development, Bedford Park has had very little major development activity relative to other neighborhoods.It had 982,633 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 23 commercial properties representing 567,657 square feet of the 1,030,014 square feet. The largest owner is Shaban Mehaj, followed by Vilson Lumaj and then Miller Management.
On the tax block, there were four new building construction projects totaling 261,429 square feet. The largest is a 116-unit, 149,137 square-foot residential (R-2) building submitted by Project Renewal and filed by Eric Rosenbaum with plans filed June 28, 2019 and permitted December 29, 2022. The second largest is a 64-unit, 64,040 square-foot residential (R-2) building submitted by Mirza Rahman and filed by Mirza Rahman with plans filed December 2, 2021 and permitted December 9, 2024.

The majority, or 64 percent of the 1 million square feet of built space are elevator buildings, with walkup buildings next occupying 35 percent of the space.

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