Arjan Gjushi signs $9.5M refi for newly built 45-unit rental in Westchester Square
Arjan Gjushi through the entity Lyvere Gardens LLC as borrower signed a refi loan with lender Wells Fargo valued at $9.5 million for the 45-unit residential elevator building (D9) at the approximate address of 2440 Lyvere Street in Westchester Square, Bronx.
On this parcel, there was a 45-unit, 30,272 square-foot residential (R-2) building submitted by Arjan Gjushi with plans filed December 1, 2016 and permitted June 25, 2020.
The deal closed on January 18, 2024 and was recorded on January 23, 2024. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $5.5 million.
The property has 36,798 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $258 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 August 30, 2016, for $900,000. The signatory for Arjan Gjushi was Arjan Gjushi. The signatory for Wells Fargo was Anthony Boucino Jr..
The property
The residential elevator building with 45 residential units in Westchester Square has 36,798 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 47 feet and is 184 feet deep with a total lot size of 13,745 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.7 million. The most recent loan totaled $5.5 million and was provided by Northeast Community Bank on September 10, 2020.
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 not received any significant violations 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 three of the 13 commercial properties representing 94,751 square feet of the 121,419 square feet. The largest owner is Maheen Farrukh, followed by Benzion Reifer and then Arjan Gjushi.
On the tax block, there were four new building construction projects totaling 64,359 square feet. The largest is a 45-unit, 30,272 square-foot residential (R-2) building submitted by Arjan Gjushi and filed by Arjan Gjushi with plans filed December 1, 2016 and permitted June 25, 2020. The second largest is a 32-unit, 22,760 square-foot residential (R-2) building submitted by Maheen Farrukh with plans filed August 16, 2019 and permitted March 8, 2022.
The majority, or 56 percent of the 121,419 square feet of built space are walkup buildings, with elevator buildings next occupying 30 percent of the space.
The borrower
The PincusCo database currently indicates that Arjan Gjushi owned at least six commercial properties with 151 residential units in New York City with 122,439 square feet and a city-determined market value of $8.5 million. (Market value is typically about 50% of actual value.) The portfolio has $29.9 million in debt, borrowed from Northeast Community Bank and Orange Bank & Trust Company. Within the portfolio, the bulk, or 97 percent of the 122,439 square feet of built space are elevator properties, with mixed-use properties next occupying 3 percent of the space. They are all located in Bronx.
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