Bardhok Kodra pays $8.9M to Global Asset Properties for dev site in East Harlem

Bardhok Kodra through the entity East 115th Realty LLC paid $8.9 million to Global Asset Properties through the entity 11 East 115th LLC for the industrial building (G7) at 7-11 East 115th Street in East Harlem, Manhattan. The expected use is ground up development.
The deal closed on August 7, 2025 and was recorded on August 15, 2025. The property has zero square feet of built space and 46,866 square feet of additional air rights for a total buildable of 46,866 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $189 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 August 26, 2015, for $10 million. The signatory for Global Asset Properties was Albert Rabizadeh . The signatory for Bardhok Kodra was Bardhok Kodra. The contract date was June 17, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bardhok Kodra had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Global Asset Properties had not purchased any other properties and sold two properties in two transactions for a total of $27.5 million over the same time period.

The property

The parcel has frontage of 135 feet and is 100 feet deep with a total lot size of 13,624 square feet. The zoning is R7-2 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 $2.4 million. The most recent loan totaled $6.5 million and was provided by Columbia Capital on July 8, 2022.

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 $1,200 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 $1 million on this tax lot.

The neighborhood

In East Harlem, The majority, or 51 percent of the 52.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 21 percent of the space. In sales, East Harlem has 1.8 times the average sales volume among other neighborhoods with $493.9 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, East Harlem has 1.5 times the average amount of major developments relative to other neighborhoods and is the 19th highest in Manhattan. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 16 of the 30 commercial properties representing 213,280 square feet of the 335,254 square feet. The largest owner is Cammeby’S International Group, followed by El Barrio’S Operation Fightback and then Nasir Sosouness.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 335,254 square feet of built space are walkup buildings, with elevator buildings next occupying 25 percent of the space.

The seller

The PincusCo database currently indicates that Global Asset Properties owned at least two commercial properties in New York City with 23,339 square feet and a city-determined market value of $10.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are retail properties. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Bardhok Kodra owned at least one commercial property with 84 residential units in New York City with 8,695 square feet and a city-determined market value of $978,000. (Market value is typically about 50% of actual value.) The portfolio has $43.5 million in debt, borrowed from Wells Fargo and NorthEast Community Bank. The portfolio consists of at least a single retail property. It is located in Bronx.

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