Arben Mitaj signs $8.6M construction loan with Ponce Bank for 44-unit project in Bedford Park
Arben Mitaj through the entity 3001 LLC as borrower signed a new construction loan with lender Ponce Bank valued at $8.6 million for 44-unit project at 3001 Grand Concourse in Bedford Park, Bronx.
The deal closed on October 20, 2022 and was recorded on October 26, 2022. The prior lender was Alan Feurman which held debt that had an original loan amount of $1.4 million.
The owner bought the property on March 10, 2021, for $1.2 million. The signatory for Arben Mitaj was Arben Mitaj.
Arben Mitaj through the company 3001 LLC, on December 11, 2020, filed a permit application for construction of a 44-unit, 29,744-square-foot residential building at 3001 Grand Concourse in Riverdale. The plans call for the construction of a 95-foot tall, 10-story residential building.
The property
The 3001 Grand Concourse parcel has frontage of 25 feet and is 99 feet deep with a total lot size of 2,479 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 $1.1 million.
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 $1,825 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 $5 million on this tax lot.
The neighborhood
In Bedford Park, the bulk, or 48 percent of the 19.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bedford Park has had very little sales volume relative to other neighborhoods with $99.5 million in sales volume in the last two years. For development, Bedford Park has 1.3 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Bronx. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of five of the 14 commercial properties representing 199,222 square feet of the 328,652 square feet. The largest owner is Residential Management (NY), followed by Boysie Siew and then Danny Askari.
On the tax block, there were seven new building construction projects totaling 292,966 square feet. The largest is a 101-unit, 117,680-square-foot R-2 building developed by Tony Savarese with plans filed January 17, 2020 and permitted July 13, 2020. The second largest is a 55-unit, 34,295-square-foot R-2 building developed by Ramani Mariappan with plans filed January 15, 2021 and it has not been permitted yet.
The majority, or 48 percent of the 328,652 square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.
The borrower
The PincusCo database currently indicates that Arben Mitaj owned at least seven commercial properties in New York City with 42,636 square feet and a city-determined market value of $7.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 74 percent of the 42,636 square feet of built space are elevator properties, with mixed-use properties next occupying 11 percent of the space. They are all located in Bronx.
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