Arben Mitaj signs $14.7M refi with Societe Generale for 44-unit rental in Bedford Park
Arben Mitaj through the entity 3001 A LLC as borrower signed a refi loan with lender Societe Generale through the entity Societe Generale Financial Corporation valued at $14.7 million for the 44-unit residential elevator building (D3) at 3001-3003 Grand Concourse in Bedford Park, Bronx.
The deal closed on January 23, 2025 and was recorded on February 7, 2025. The prior lender was Ponce Bank which held debt that had an original loan amount of $8.6 million.The property has 29,798 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $493 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 March 10, 2021, for $1.2 million. The signatory for Arben Mitaj was Arben Mitaj. The signatory for Societe Generale was Kevin Kelley.
Prior sales and revenue
The 29,798-square-foot property generated revenue of $895,728 or $30 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 44 residential units in Bedford Park has 29,798 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 99 feet deep with a total lot size of 4,943 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 $417,000. The most recent loan totaled $8.6 million and was provided by Ponce Bank on October 20, 2022.
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 two DOB violations and $880 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 block
On this tax block, PincusCo has identified the owners of six of the 14 commercial properties representing 289,007 square feet of the 444,701 square feet. The largest owner is Residential Management (Ny), followed by Boysie Siew and then Association Of New York Catholic Homes.
On the tax block, there were five new building construction projects totaling 145,542 square feet. The largest is a 55-unit, 35,301 square-foot residential (R-2) building submitted by Ramani Mariappan and filed by Ramani Mariappan with plans filed April 24, 2021 and permitted August 8, 2023. The second largest is a 55-unit, 34,295 square-foot residential (R-2) building submitted by Ramani Mariappan and filed by Ramani Mariappan with plans filed January 15, 2021 and it has not been permitted yet.
The majority, or 56 percent of the 444,701 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.
The borrower
The PincusCo database currently indicates that Arben Mitaj owned at least nine commercial properties with 324 residential units in New York City with 39,383 square feet and a city-determined market value of $7.7 million. (Market value is typically about 50% of actual value.) The portfolio has $39.9 million in debt, borrowed from Ponce Bank. Within the portfolio, the bulk, or 80 percent of the 39,383 square feet of built space are elevator properties, with mixed-use properties next occupying 16 percent of the space. They are all located in Bronx.
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