Alfred Mitaj signs $10.1M construction loan for 31-unit project in Pelham Bay

Alfred Mitaj through the entity First Structure, LLC as borrower signed a new construction loan with lender NorthEast Community Bank valued at $10.1 million for the development site (V1) at 1616 Crosby Avenue in Pelham Bay, Bronx.
On the lot, there is one active new building construction project for a 31-unit, 21,433 square-foot R-2 building. The project was submitted by Alfred Mitaj with plans filed February 10, 2021 and permitted June 1, 2022.
The deal closed on May 26, 2023 and was recorded on June 1, 2023.
The owner bought the property on May 11, 2021, for $1.5 million. The signatory for Alfred Mitaj was Alfred Mitaj.

The property

The parcel has frontage of 77 feet and is 114 feet deep with a total lot size of 7,860 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $266,000.

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 received one DOB violation, $2,500 in ECB penalties, and $3,650 in OATH penalties in the last year.

The neighborhood

In Pelham Bay, The bulk, or 27 percent of the 6.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 23 percent of the space. In sales, Pelham Bay has the 21st highest sale turnover among other neighborhoods in Bronx with $79.5 million in sales volume in the last two years. For development, Pelham Bay has had very little major development activity relative to other neighborhoods.It had 362,819 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 one of the 12 commercial properties representing 20,500 square feet of the 112,122 square feet. The identified owner is Ranger Management.
On the tax block, there was one new building construction project filed totaling 21,433 square feet. It is a 31-unit, 21,433 square-foot residential (R-2) building submitted by Alfred Mitaj with plans filed February 10, 2021 and permitted June 1, 2022.

The majority, or 73 percent of the 112,122 square feet of built space are walkup buildings, with mixed-use buildings next occupying 16 percent of the space.

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