Bajraktari Management, Arbeni Management pay $16M for 91-unit rental in Norwood

Bajraktari Management and Arbeni Management through the entity 1260 Shakespeare Group LLC paid $16 million to Arthur Leeds Associates through the entity Hunter Hall, LLC for the 91-unit residential elevator building at 75 West Mosholu Parkway North in Norwood, Bronx.
The deal closed on June 1, 2022 and was recorded on June 29, 2022. The property has 93,242 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $171 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 Arthur Leeds Associates was Stacey Shurgin. The signatory for Bajraktari Management and Arbeni Management was Rrustem Gecaj and Avni Gecaj. Avni Gecaj is associated with Arbeni Management. Rrustem Gecaj is the founder of Bajraktari Management. 

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Bajraktari Management had purchased any other properties and sold two properties in one transactions for a total of $2 million over the past 24 months.
The seller Arthur Leeds Associates had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Stacey Shurgin, head officer and Susan Leeds, officer. The business entity is Hunter Hall Llc. The 93,242-square-foot property generated revenue of $1.5 million or $16 per square foot, according to the most recent income and expense figures.

The property

The 75 W Mosholu Parkway North parcel has frontage of 312 feet and is 124 feet deep with a total lot size of 20,600 square feet. The lot is irregular. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.3 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 one DOB violation and $380 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 Norwood, the bulk, or 45 percent of the 19.9 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 27 percent of the space. In sales, Norwood has had very little sales volume relative to other neighborhoods with $119.4 million in sales volume in the last two years. For development, Norwood has had very little major development activity relative to other neighborhoods.It had 281,369 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 20 of the 39 commercial properties representing 919,196 square feet of the 1,511,665 square feet. The largest owner is Melin Group, followed by Leeds Associates and then Hasan Osmani. There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 1.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 27 percent of the space.

Surrounding

Within a 400-foot radius of 75 West Mosholu Parkway North, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $25.3 million. The most recent of the three was Robert Rosenberg which borrowed $9 million from Capital One secured by the 27,360-square-foot, 24-unit rental (D1) on 55 W Mosholu Parkway N and one other property on February 8, 2021.

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