Arjan Gjushi signs $38M refi for new 160-unit rental in Morris Heights

Arjan Gjushi through the entity Featherbed Development LLC as borrower signed a refi loan with lender Wells Fargo valued at $38 million for the 160-unit residential elevator building (D1) at 29 Featherbed Lane in Morris Heights, Bronx.
The deal closed on January 1, 2026 and was recorded on January 15, 2026. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $33.5 million.The property has 115,685 square feet of built space according to a PincusCo analysis of city data. The loan price per built 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 signatory for Arjan Gjushi was Arjan Gjushi. The signatory for Wells Fargo was Anthony J. Boucino .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Arjan Gjushi, head officer and Michael Gjushi, agent. The business entity is Featherbed Development Llc.

The property

The residential elevator building with 160 residential units in Morris Heights has 115,685 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 178 feet and is 100 feet deep with a total lot size of 16,080 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9.7 million.

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 $5,100 in OATH penalties in the last year.

Development

On the lot, there was a new building construction project, 220673162, for a 160-unit, 115,685 square-foot R-2 building. The project was submitted by Arjan Gjushi and filed by Arjan Gjushi with plans filed November 14, 2018 and permitted November 15, 2022.

The block

On this tax block, PincusCo has identified the owners of seven of the 17 commercial properties representing 428,936 square feet of the 607,030 square feet. The largest owner is Chaim Abramson, followed by Matthew Schmelzer and then Ved Parkash.
On the tax block, there were five new building construction projects totaling 1,127,536 square feet. The largest is a 316-unit, 436,185 square-foot residential (R-2) building submitted by Services for the Underserved and filed by Arlo Chase with plans filed February 18, 2020 and permitted June 21, 2022. The second largest is a 244-unit, 436,185 square-foot residential (R-2) building submitted by Services for the Underserved and filed by Arlo Chase with plans filed February 13, 2020 and permitted September 11, 2024.

The majority, or 45 percent of the 607,030 square feet of built space are elevator buildings, with specialty buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Arjan Gjushi owned at least seven commercial properties with 151 residential units in New York City with 146,439 square feet and a city-determined market value of $10.5 million. (Market value is typically about 50% of actual value.) The portfolio has $39.4 million in debt, with top three lenders as Northeast Community Bank, Wells Fargo, and Orange Bank & Trust Company respectively. Within the portfolio, the bulk, or 81 percent of the 146,439 square feet of built space are elevator properties, with N9 properties next occupying 16 percent of the space. They are all located in Bronx.

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