Eduart Shllaku pays $13.3M to Scharfman for 122-unit rental in Unionport
1266 Olmstead Avenue (Credit - Google)
Eduart Shllaku through the entity Olmstead Avenue Realty II LLC paid $13.3 million to Scharfman Organization through the entity 1266 Olmstead Avenue, L.L.C. for the 122-unit residential elevator building (D1) at 1266 Olmstead Avenue in Unionport, Bronx. The expected use is cash flowing.
The deal closed on April 29, 2025 and was recorded on May 7, 2025. The property has 126,054 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $105 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 signatory for Scharfman Organization was Mark Scharfman . The signatory for Eduart Shllaku was Eduart Shllaku. The contract date was November 7, 2024.
Recent activity
• Eduart Shllaku pays $9.7M to Scharfman Org. for 88-unit rental in Unionport (May 05, 2025)
• Edward Shllaku pays $8M to KSR for once bankrupt 62-unit rental in Rego Park (November 11, 2024)
• Eduart Shllaku pays $5.3M for 57-unit rental in Mt Hope (September 26, 2023)
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Eduart Shllaku purchased four properties in four transactions for a total of $43.4 million and has no record it sold any properties over the past 24 months.
The seller Scharfman Organization had not purchased any other properties and sold five properties in five transactions for a total of $44.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Mark Scharfman, head officer and Dio Delrosario, site manager. The business entity is 1266 Olmstead Avenue, Llc. The 126,054-square-foot property generated revenue of $2.3 million or $18 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 122 residential units in Unionport has 126,054 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 125 feet deep with a total lot size of 26,800 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $8.6 million. The property has 121 rent regulated units according to city tax records from 2023.
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 66 housing violations, $50 in OATH penalties, and two housing litigations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of six of the 23 commercial properties representing 151,390 square feet of the 210,382 square feet. The largest owner is Scharfman Organization, followed by David Winiarski and then Arch Companies.
On the tax block, there were two new building construction projects totaling 4,421 square feet. The largest is a three-unit, 3,316 square-foot residential (R-2) building submitted by Hardyal Boodhoo with plans filed December 19, 2023 and permitted August 30, 2024. The second largest is a three-unit, 1,105 square-foot residential (R-2) building submitted by Hardyal Boodhoo with plans filed December 19, 2023 and permitted August 30, 2024.
The majority, or 60 percent of the 210,382 square feet of built space are elevator buildings, with mixed-use buildings next occupying 18 percent of the space.
The seller
The PincusCo database currently indicates that Scharfman Organization owned at least 129 commercial properties with 3,761 residential units in New York City with 2,984,960 square feet and a city-determined market value of $649.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 2,984,960 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space. The bulk, or 83 percent of the built space, is in Manhattan, with Brooklyn next at 11 percent of the space.
The buyer
The PincusCo database currently indicates that Eduart Shllaku owned at least seven commercial properties with 472 residential units in New York City with 423,702 square feet and a city-determined market value of $28.6 million. (Market value is typically about 50% of actual value.) The portfolio has $42.6 million in debt, with top three lenders as Ridgewood Savings Bank, New York Community Bank, and Wells Fargo respectively. Within the portfolio, the bulk, or 100 percent of the 423,702 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. The bulk, or 55 percent of the built space, is in Bronx, with Queens next at 33 percent of the space.
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