Artan Prelaj pays $7.2M for 99-unit dev site in Tremont

Artan Prelaj through the entity 2923-35 Third LLC paid $7.2 million to Aleksander Lakal through the entity 4119 Third LLC for the industrial building (G7) at 4121 3rd Avenue in Tremont, Bronx. The expected use is ground up development.

On the lot, there is one active new building construction project, X01223342, for a 99-unit, 69,577 square-foot residential (R-2) building. The project was submitted by Aleksander Lakaj and filed by Alex Lakaj with plans filed July 31, 2025 and it has not been permitted yet.
The deal closed on May 28, 2026 and was recorded on June 12, 2026. The sale price price per planned construction square foot is $103 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 seller bought the property on July 1, 2024, for $7.5 million. The signatory for Aleksander Lakal was Aleksander Lakal. The signatory for Artan Prelaj was Artan Prelaj. The contract date was March 31, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Artan Prelaj had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Aleksander Lakal had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 50 feet and is 103 feet deep with a total lot size of 5,182 square feet. The zoning is M1-4/R7X which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $560,000.

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.

The neighborhood

In Tremont, The bulk, or 41 percent of the 8.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Tremont has the 25th highest sale turnover among other neighborhoods in Bronx with $68.8 million in sales volume in the last two years. For development, Tremont has had very little major development activity relative to other neighborhoods.It had 896,656 square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 12 commercial properties representing 16,942 square feet of the 365,822 square feet. The identified owner is Aleksander Lakaj.
On the tax block, there were three new building construction projects totaling 207,681 square feet. The largest is a 99-unit, 69,577 square-foot residential (R-2) building submitted by Aleksander Lakaj and filed by Alex Lakaj with plans filed July 31, 2025 and it has not been permitted yet. The second largest is a 99-unit, 69,251 square-foot residential (R-2) building submitted by Aleksander Lakaj and filed by Alex Lakaj with plans filed October 24, 2025 and it has not been permitted yet.

The majority, or 88 percent of the 365,822 square feet of built space are specialty buildings, with hotel buildings next occupying 8 percent of the space.

The buyer

The PincusCo database currently indicates that Artan Prelaj owned at least three commercial properties with 58 residential units in New York City with 0 square feet and a PincusCo-determined asset value of $15.7 million. The portfolio has $23.4 million in debt, with top three lenders as Wells Fargo , NorthEast Community Bank , and Self Reliance (NY) Federal Credit Union respectively.

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