Chaim Schwartz pays $11M to Aleksander Lakaj for new elevator building in Williamsbridge

Chaim Schwartz through the entity East 214 Tower LLC paid $11 million to Aleksander Lakaj through the entity 765 E 214 LLC for 33-unit residential elevator building at 765 East 214th Street in Williamsbridge, Bronx.
The deal closed on December 21, 2021 and was recorded on January 11, 2022.
The property has 27,249 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $403 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 27, 2018, for $980,000.
The signatory for Aleksander Lakaj was Aleksander Lakaj.
Prior to this transaction, the buyer Chaim Schwartz had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Aleksander Lakaj had not purchased any other properties and had not sold any properties over the same time period.
(220689431) Plans for a 33-unit, 22,413 square-foot R-2 were filed on April 2, 2019 and were permitted on May 3, 2021.
Chaim Schwartz signed on the acquisition mortgage for the property.
In Williamsbridge, the majority, or 50 percent of the 16.3 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 17 percent of the space. In sales, Williamsbridge has the 27th highest sale turnover among other neighborhoods in Bronx with $29.7 million in sales volume in the last two years. For development, Williamsbridge has had very little major developement activity relative to other neighborhoods.It had 690,322 square feet of commercial construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 33 percent of the 281,813 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 31 percent of the space.
Within a 400-foot radius of 765 E. 214th St, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $1.1 million. The most recent of these two items was the permit on March 25, 2021 for a 6,007-square-foot R-2 building with 14 residential units at 769 East 214th Street.
One of those three items was a loan which Stagg Group borrowed $6 million from Community Preservation Corporation secured by the 7,776-square-foot, 10-unit rental (C1) on 761 East 214th Street and four other properties on September 14, 2021.

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