Durgaj, Balfin sign $15.5M refi with Wells Fargo for new 51-unit rental in Longwood

Durgaj Properties and Balfin Group through the entity 790 East 151 LLC as borrower signed a refi loan with lender Wells Fargo valued at $15.5 million for the newly built 51-unit residential elevator building (D1) at 599 Tinton Avenue in Longwood, Bronx.
The deal closed on May 28, 2026 and was recorded on June 8, 2026. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $11.3 million.The property has 32,376 square feet of built space and 2,429 square feet of additional air rights for a total buildable of 34,816 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $478 and the price per buildable square foot is $445 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 owner bought the property on July 20, 2023, for $1.6 million. The signatory for Durgaj Properties and Balfin Group was Paulin Durgaj . The signatory for Wells Fargo was F. Patrick Garrison Jr. .

Prior sales, articles and revenue

The owner according to the Department of Housing Preservation and Development is Paulin Durgaj, head officer. The business entity is 790 East 151 Llc. The 32,376-square-foot property generated revenue of $1.1 million or $33 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 51 residential units in Longwood has 32,376 square feet of built space and 2,429 square feet of additional air rights for a total buildable of 34,816 square feet according to a PincusCo analysis of city data. The parcel has frontage of 87 feet and is 95 feet deep with a total lot size of 10,121 square feet. 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 $136,000. Wells Fargo on May 28, 2026 bought a loan with an original principal of $11.3 million from NorthEast Community Bank signed by Raymond L. Francis , secured by 599 Tinton Avenue, when owned by Durgaj Properties and Balfin Group.

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 $10,000 in ECB penalties and $10,000 in OATH penalties in the last year.

Development

On the lot, there was a new building construction projects, X00949394, for a 51-unit, 30,318 square-foot residential (R-2) building submitted by Durgaj Properties and filed by Paul Durgaj with plans filed October 26, 2023 and permitted March 11, 2025.

The block

On this tax block, PincusCo has identified the owners of 12 of the 15 commercial properties representing 173,978 square feet of the 257,267 square feet. The largest owner is Yechiel Newhouse , followed by Haimo Zhong and then Paulin Durgaj.
On the tax block, there were three new building construction projects totaling 102,870 square feet. The largest is a 48-unit, 45,178 square-foot residential (R-2) building submitted by Fowler Wholesale and filed by Haimo Zhong with plans filed November 18, 2025 and it has not been permitted yet. The second largest is a 51-unit, 30,318 square-foot residential (R-2) building submitted by Durgaj Properties and filed by Paul Durgaj with plans filed October 26, 2023 and permitted December 5, 2023.

The majority, or 75 percent of the 257,267 square feet of built space are walkup buildings, with specialty buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that Durgaj Properties owned at least 14 commercial properties with 296 residential units in New York City with 87,789 square feet and a PincusCo-determined asset value of $193.5 million. The portfolio has $41.3 million in debt, with top three lenders as Wells Fargo, NorthEast Community Bank, and TD Bank respectively. Within the portfolio, the bulk, or 33 percent of the 87,789 square feet of built space are elevator properties, with D7 properties next occupying 33 percent of the space.
The PincusCo database currently indicates that Balfin Group owned at least 14 commercial properties with 296 residential units in New York City with 87,789 square feet and a PincusCo-determined asset value of $193.5 million. Within the portfolio, the bulk, or 33 percent of the 87,789 square feet of built space are elevator properties, with D7 properties next occupying 33 percent of the space.

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