Paul Durgaj of Durgaj Properties submitted a new building construction project for a 51-unit, 30,318 square-foot residential (R-2) building at 599 Tinton Avenue in Longwood, Bronx. The plan was filed with the New York City Department of Buildings on October 26, 2023 under job number X00949394. It calls for the construction of a seven-story building. The project is described in the filing as: new 7-story residential building. The architect is Node Arch, Engin, Consult, PC. The project is planned for two lots, 39 and 44, which were purchased in two transactions for a total of $2.4 million.
The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential.
Prior sales and revenue
This property was sold by Steve Zervoudis for $1.6 million to Paulin Durgaj on July 20, 2023.
Violations and lawsuits
According to city public data, the property has not received any significant violations in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
In Longwood, The bulk, or 44 percent of the 22.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Longwood has near average sales volume among other neighborhoods with $226.2 million in sales volume in the last two years and is the 5th highest in Bronx. For development, Longwood has near average amount of major developments among other neighborhoods and is the 5th highest in Bronx. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
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 Haimo Zhong, followed by Leeds Associates and then Paulin Durgaj. On the tax block, there were two new building construction projects totaling 57,692 square feet. The 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 it has not been permitted yet. The second largest is a 35-unit, 27,374 square-foot residential (R-2) building submitted by Galaxy General Contracting and filed by Steve Zervoudis with plans filed January 28, 2020 and it has not been permitted yet.
The PincusCo database currently indicates that Paulin Durgaj owned at least six commercial properties with 113 residential units in New York City with 98,218 square feet and a city-determined market value of $10 million. (Market value is typically about 50% of actual value.) The portfolio has $21.7 million in debt, with top three lenders as Arbor Realty Trust, TD Bank, and Northeast Community Bank respectively. Within the portfolio, the bulk, or 61 percent of the 98,218 square feet of built space are elevator properties, with D7 properties next occupying 30 percent of the space. They are all located in Bronx.
This is the first commercial real estate event of interest identified within the 400-foot radius of 599 Tinton Avenue in the past 24 months.