Chestnut Holdings pays $19.9M to Hysen Mehmetaj for elevator buildings in Bronx

Chestnut Holdings paid $19.9 million to Hysen Mehmetaj for two residential elevator buildings in the Bronx in two separate transactions.

In the larger, Chestnut Holdings through the entity 1515 Gc LLC paid $14.4 million to Hysen Mehmetaj through the entity 1515 Realty LLC for 75-unit residential elevator building at 1515 Grand Concourse in Mt Eden, Bronx.
The deal closed on January 19, 2022 and was recorded on February 1, 2022.
The property has 73,692 square feet of built space and 68,870 square feet of additional air rights for a total buildable of 142,475 square feet according to PincusCo analysis of city data. The sale price per built square foot is $195 and the price per buildable square foot is $101 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 February 6, 2020, for $13.8 million.
The signatory for Hysen Mehmetaj was Hysen Mehmetaj. The signatory for Chestnut Holdings was Ben Rieder.
Prior to this transaction, the buyer Chestnut Holdings purchased 37 properties in 32 transactions for a total of $203.7 million and had not sold any properties over the past 24 months.
The seller Hysen Mehmetaj purchased five properties in five transactions for a total of $48.7 million and sold two properties in two transactions for a total of $16.7 million over the same time period.
The 73,692-square-foot property generated revenue of $1.2 million or $16 per square foot, according to the most recent income and expense figures.

In Mt Eden, the bulk, or 49 percent of the 10.8 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 26 percent of the space. In sales, Mt Eden has had very little sales volume relative to other neighborhoods with $102.6 million in sales volume in the last two years. For development, Mt Eden has had very little major development activity relative to other neighborhoods.It had 441,770 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.
On the tax block, the majority, or 99 percent of the 337,769 square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 1 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Hysen Mehmetaj, head officer and Cesar Irias, site manager. The business entity was 1515 Realty Llc.
Within a 400-foot radius of 1515 Grand Concourse, 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 $43.6 million. The most recent of the three was Mitchell Kraus which borrowed $14 million from Capital One secured by the 291,840-square-foot, 291-unit rental (D1) on 1455 Grand Concourse on June 14, 2021.

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In the second, Chestnut Holdings through the entity 2295 Gc LLC paid $5.5 million to Hysen Mehmetaj through the entity 2295 G.C. Realty Corp. for 31-unit residential walkup building at 2295 Grand Concourse in Fordham Heights, Bronx.
The deal closed on January 19, 2022 and was recorded on February 1, 2022.
The property has 29,805 square feet of built space and 20,310 square feet of additional air rights for a total buildable of 50,110 square feet according to PincusCo analysis of city data. The sale price per built square foot is $184 and the price per buildable square foot is $109 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 June 27, 2005, for $2.6 million.
The signatory for Hysen Mehmetaj was Hysen Mehmetaj. The signatory for Chestnut Holdings was Ben Rieder.
Prior to this transaction, the buyer Chestnut Holdings purchased 37 properties in 32 transactions for a total of $203.7 million and had not sold any properties over the past 24 months.
The seller Hysen Mehmetaj purchased five properties in five transactions for a total of $48.7 million and sold two properties in two transactions for a total of $16.7 million over the same time period.
The 29,805-square-foot property generated revenue of $507,436 or $17 per square foot, according to the most recent income and expense figures.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
In Fordham Heights, the bulk, or 43 percent of the 17.5 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 33 percent of the space. In sales, Fordham Heights has had very little sales volume relative to other neighborhoods with $101 million in sales volume in the last two years. For development, Fordham Heights has 2.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Bronx. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 14 percent of the neighborhood’s built space.
On the tax block, the majority, or 73 percent of the 313,601 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Hysen Mehmetaj, head officer and Danilo Santos, site manager. The business entity is 2295 G.C. Realty Corp.
Within a 400-foot radius of 2295 Grand Concourse, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
One of those five items was a sale which 2300 Gc LLC bought the 79,284-square-foot, 74-unit rental (D7) on 2300 Grand Concourse for $14 million from Karen Manor Associates LLC on August 24, 2021.
Of those five items, four were loans above $5 million totaling $80.3 million. The most recent of the four was Chestnut Holdings which borrowed $10.4 million from JPMorgan Chase secured by the 79,284-square-foot, 74-unit rental (D7) on 2300 Grand Concourse on August 31, 2021.

Direct link to Acris document. link