Durgaj Properties signs $10.9M construction loan for 41-unit project in Belmont

Durgaj Properties through the entity 2278 Arthur Avenue LLC as borrower signed a new construction loan with lender NorthEast Community Bank valued at $10.9 million for the 41-unit project at 2276 Arthur Avenue in Belmont, Bronx.

On the lot, there is one active new building construction project, X01245967, for a 41-unit, 27,736 square-foot residential (R-2) building. The project was submitted by Durgaj Properties and filed by Paul Durgaj with plans filed July 3, 2025 and permitted March 30, 2026.
The deal closed on May 1, 2026 and was recorded on May 14, 2026. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $925,000. The loan price per planned development square foot is $393 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 27, 2023, for $1.9 million.

The property

The development building with 2 residential units in Belmont/Little Italy has 4,560 square feet of built space and 24,871 square feet of additional air rights for a total buildable of 24,871 square feet according to a PincusCo analysis of city data. The parcel has frontage of 56 feet and is 119 feet deep with a total lot size of 7,230 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 $1 million.

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 $22,500 in ECB penalties and $23,250 in OATH penalties in the last year.

The neighborhood

In Belmont/Little Italy, The bulk, or 43 percent of the 14.3 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 26 percent of the space. In sales, Belmont/Little Italy has the 18th highest sale turnover among other neighborhoods in Bronx with $84.4 million in sales volume in the last two years. For development, Belmont/Little Italy has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 16 commercial properties representing 98,264 square feet of the 239,222 square feet. The largest owner is Pashko Vuksanaj, followed by Durgaj Properties and then Belmont Arthur Avenue Local Development Corporation.
On the tax block, there was one new building construction project filed totaling 27,736 square feet. It is a 41-unit, 27,736 square-foot residential (R-2) building submitted by Durgaj Properties and filed by Paul Durgaj with plans filed July 3, 2025 and permitted March 30, 2026.

The majority, or 73 percent of the 239,222 square feet of built space are walkup buildings, with elevator buildings next occupying 17 percent of the space.

The borrower

The PincusCo database currently indicates that Durgaj Properties owned at least 12 commercial properties with 186 residential units in New York City with 78,414 square feet and a PincusCo-determined asset value of $92.4 million. The portfolio has $30.4 million in debt, with top three lenders as Wells Fargo, TD Bank, and Northeast Community Bank respectively. Within the portfolio, the bulk, or 38 percent of the 78,414 square feet of built space are elevator properties, with D7 properties next occupying 38 percent of the space.

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