Armand Paganelli files plans for 11K sf corner retail building in Belmont

Armand Paganelli of 703 East 187th Street LLC submitted a new building construction project for an 11,149-square-foot retail (M) corner building at 720 East 187th Street, in Belmont, the Bronx. The plan was filed on September 19, 2022. It calls for the construction of a 30-foot-tall, two-story building and was filed with the New York City Department of Buildings under job number X00755147. The architect is Gino O. Longo, Architect. The project is described in the filing as: proposed two-story and cellar commercial building.

Over the past five years, there have been 12 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were nine renovation/alteration projects (A2) applied for with a total estimated value of $422,900. There have been 2 new building permit applications Those plans include a total of 24 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.

The 2361 Crotona Avenue parcel has frontage of 70 feet with a total lot size of 5,600 square feet. 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 $288,000.

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

On this tax block, PincusCo has identified the owners of eight of the 23 commercial properties representing 106,980 square feet of the 279,777 square feet. The largest owner is Camber Property Group, followed by Renaissance Realty Group and then Adem Hasanbelliu. On the tax block, there were two new building construction projects totaling 32,270 square feet. The largest is a 24-unit, 21,121-square-foot R-2 building developed by John Colangelo with plans filed October 24, 2017 and it has not been permitted yet.The second largest is a zero-unit, 11,149-square-foot M building developed by Armand Paganelli with plans filed September 19, 2022 and it has not been permitted yet

Within a 400-foot radius of 2361 Crotona Avenue, Pincusco identified eight commercial real estate items of interests occurred over the past 24 months. Of those eight items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on July 29, 2021 for the $351,900 renovation of 7,038-square-foot R-2 building with 17 residential units at 2427 Crotona Avenue. Of those eight items, two were sales above $5 million totaling $14 million. The most recent of the two was Angela Gazivoda which bought the 54,635-square-foot, 67-unit rental (D7) on 2355 Beaumont Avenue for $7.8 million from Charles F. Locascio on December 17, 2021. Of those eight items, five were loans above $5 million totaling $123.2 million. The most recent of the five was Ljumni Pelinkovic which borrowed $5.6 million from Signature Bank secured by the 14,748-square-foot, 26-unit rental (C7) on 732 East 187th Street and one other property on December 27, 2021.

Direct link to the property’s ACRIS page and link to DOB NOW portal.