Aleksander Lakaj pays $7.5M for three properties in Tremont

Aleksander Lakaj through the entity 4119 Third LLC paid $7.5 million to affiliates of Abraham Strulovitch through the entity Hinde Development, LLC for the office building (O7) at 4133 3rd Avenue in Tremont, Bronx, industrial building (G7) at 4121 3rd Avenue in Tremont, Bronx, and development building (V1) on 3rd Avenue in Tremont, Bronx.
The deal closed on July 1, 2024 and was recorded on July 17, 2024. The three properties have 7,592 square feet of built space and 63,112 square feet of additional air rights for a total buildable of 70,730 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $987 and the price per buildable square foot is $106 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 property

The parcel has frontage of 27 feet and is 103 feet deep with a total lot size of 8,858 square feet. The lot is irregular. The zoning is M1-4/R7X which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million.
The parcel has frontage of 50 feet and is 103 feet deep with a total lot size of 5,181 square feet. The zoning is M1-4/R7X which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $334,000.
The parcel has frontage of 108 feet and is one feet deep with a total lot size of 107 square feet. The lot is irregular. The zoning is M1-4/R7X which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Tremont, The bulk, or 42 percent of the 8.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Tremont has the 17th highest sale turnover among other neighborhoods in Bronx with $64 million in sales volume in the last two years. For development, Tremont has had very little major development activity relative to other neighborhoods.It had 908,429 square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 88 percent of the 365,822 square feet of built space are specialty buildings, with hotel buildings next occupying 8 percent of the space.

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