Aleksandr Gilkarov signs $11.2M construction loan in Fordham Heights

Aleksandr Gilkarov through the entity Anthony Residence LLC as borrower signed a new construction loan with lender NorthEast Community Bank valued at $11.2 million for a 44-unit development project at 2065 Anthony Avenue in Fordham Heights, Bronx.
On these lots, there is one active new building construction project for a 44-unit, 21,629 square-foot R-2 building. The project was developed by Boris Babakhanov with plans filed March 29, 2022 and it has not been permitted yet.
The deal closed on January 19, 2023 and was recorded on February 6, 2023. The three parcels have 5,192 square feet of built space and 24,900 square feet of additional air rights for a total buildable of 30,100 square feet according to PincusCo analysis of city data. The loan price per built square foot is $2,158 and the price per buildable square foot is $372 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 Aleksandr Gilkarov was Aleksandr Gilkarov.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $200 in OATH penalties in the last year.

The block

On the tax block of 2065 Anthony Avenue, PincusCo has identified the owners of 18 of the 36 commercial properties representing 887,203 square feet of the 1,091,313 square feet. The largest owner is L+M Development Partners, followed by William Schur and then Victor Gjonaj.
On the tax block, there were 14 new building construction projects totaling 602,560 square feet. The largest is a 111-unit, 75,672-square-foot R-2 building developed by Arben Mitaj with plans filed September 29, 2020 and permitted October 20, 2021. The second largest is a 102-unit, 67,673-square-foot R-2 building developed by Gzim Hasandjekic with plans filed March 5, 2020 and permitted June 3, 2022.

The majority, or 71 percent of the 1 million square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Aleksandr Gilkarov owned at least five commercial properties in New York City with 51,426 square feet and a city-determined market value of $7.7 million. (Market value is typically about 50% of actual value.) The portfolio has $55.4 million in debt, with top three lenders as Kearny Bank, Northeast Community Bank, and Berkadia Commercial Mortgage respectively. Within the portfolio, the bulk, or 50 percent of the 51,426 square feet of built space are elevator properties, with office properties next occupying 35 percent of the space. The bulk, or 65 percent of the built space, is in Bronx, with Queens next at 35 percent of the space.

Correction: A prior owner was included as a current owner, but the individual no longer owns the property and the name was removed.

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