Aleksander Lakaj signs $17.7M new construction loan for 79-unit project in Williamsbridge

Aleksander Lakaj through the entity 1039 Gun Hill LLC as borrower signed a new construction loan with lender Northeast Community Bank valued at $17.7 million for the 79-unit development project (F5) at 1049 East Gun Hill Road in Williamsbridge, Bronx.
On the lot, there is a new building project for a 79-unit, 53,599 square-foot R-2 building developed by Alex Lakaj with plans filed March 10, 2022 and it has not been permitted yet.
The deal closed on December 20, 2022 and was recorded on January 13, 2023. The prior lender was Northeast Community Bank which held debt that had an original loan amount of $2.7 million. The property has 8,350 square feet of built space and 45,720 square feet of additional air rights for a total buildable of 54,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $2,123 and the price per buildable square foot is $328 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 December 27, 2021, for $4.2 million. The signatory for Aleksander Lakaj was Aleksander Lakaj. The signatory for Northeast Community Bank was Raymond L. Francis.

Prior sales and revenue

The 8,350-square-foot property generated revenue of $165,915 or $20 per square foot, according to the most recent income and expense figures.

The property

The 1049 East Gun Hill Road parcel has frontage of 150 feet and is 120 feet deep with a total lot size of 18,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $886,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $625 in ECB penalties and $625 in OATH penalties in the last year.

Development

The neighborhood

In Williamsbridge, the bulk, or 40 percent of the 6.8 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 26 percent of the space. In sales, Williamsbridge has the 22nd highest sale turnover among other neighborhoods in Bronx with $64 million in sales volume in the last two years. For development, Williamsbridge has had very little major development activity relative to other neighborhoods.It had 684,406 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

On this tax block, PincusCo has identified the owners of two of the six commercial properties representing 17,045 square feet of the 52,126 square feet. The two identified owners are Bardhok Kodra and Aleksander Lakaj.
On the tax block, there were two new building construction projects totaling 109,370 square feet. The largest is a 84-unit, 55,771-square-foot R-2 building developed by Bardhok Kodra with plans filed January 10, 2022 and it has not been permitted yet. The second largest is a 79-unit, 53,599-square-foot R-2 building developed by Alex Lakaj with plans filed March 10, 2022 and it has not been permitted yet.

The majority, or 39 percent of the 52,126 square feet of built space are walkup buildings, with retail buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Aleksander Lakaj owned at least one commercial property in New York City with 8,350 square feet and a city-determined market value of $886,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in the Bronx.

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