Eduart Shllaku pays $4.26M to Arbor for 4 walkups in Concourse Village

Eduart Shllaku paid $4.26 milion to Arbor Realty Trust through four REO sales, for four walkup buildings from 1048 to 1064 Sheridan Avenue in Concourse Village, the Bronx, in four transactions. The buildngs have a total of 68 residential units.

In the first transaction, Eduart Shllaku through the entity Sheridan Avenue Properties LLC paid $1.2 million through a real estate owned to Arbor Realty Trust through the entity 1064 Sheridan Avenue Owner LLC for the 20-unit residential walkup building (C1) at 1064 Sheridan Avenue in Concourse Village, Bronx. The expected use is cash flowing.
The deal closed on December 23, 2025 and was recorded on January 13, 2026. The property has 16,155 square feet of built space and 336 square feet of additional air rights for a total buildable of 16,512 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $72 and the price per buildable square foot is $71 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 December 17, 2024, for $2.1 million.

In the second, Eduart Shllaku through the entity Sheridan Avenue Properties LLC paid $1.1 million through a real estate owned to Arbor Realty Trust through the entity 1056 Sheridan Avenue Owner LLC for the 16-unit residential walkup building (C1) at 1056 Sheridan Avenue in Concourse Village, Bronx. The expected use is cash flowing.
The deal closed on December 23, 2025 and was recorded on January 13, 2026. The property has 17,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $63 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 December 17, 2024, for $1.9 million.

In the third, Eduart Shllaku through the entity Sheridan Avenue Properties LLC paid $1 million through a real estate owned to Arbor Realty Trust through the entity 1048 Sheridan Avenue Owner LLC for the 16-unit residential walkup building (C1) at 1048 Sheridan Avenue in Concourse Village, Bronx. The expected use is cash flowing.
The deal closed on December 23, 2025 and was recorded on January 13, 2026. The property has 17,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $56 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 December 17, 2024, for $1.7 million.

In the fourth, Eduart Shllaku through the entity Sheridan Avenue Properties LLC paid $1 million through a real estate owned to Arbor Realty Trust through the entity 1052 Sheridan Avenue Owner LLC for the 16-unit residential walkup building (C1) at 1052 Sheridan Avenue in Concourse Village, Bronx. The expected use is cash flowing.
The deal closed on December 23, 2025 and was recorded on January 13, 2026. The property has 17,600 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $56 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 December 17, 2024, for $1.7 million.

The signatory for Arbor Realty Trust was Thomas Montemage . The signatory for Eduart Shllaku was Eduart Shllaku. The contract date was August 13, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Eduart Shllaku purchased five properties in five transactions for a total of $52.5 million and has no record it sold any properties over the past 24 months.
The seller Arbor Realty Trust purchased five properties in five transactions for a total of $10.9 million and sold one property in one transaction for a total of $19.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Nicolas Loizou, head officer and Matt Duthie, officer. The business entity is 1064 Sheridan Owner Llc. The 16,155-square-foot property generated revenue of $292,244 or $18 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 20 residential units in Concourse Village has 16,155 square feet of built space and 336 square feet of additional air rights for a total buildable of 16,512 square feet according to a PincusCo analysis of city data. The parcel has frontage of 48 feet and is 100 feet deep with a total lot size of 4,800 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 1993 and expires in 2027. The city-designated market value for the property in 2022 is $1 million. The property has 20 rent regulated units according to city tax records from 2024.

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 12 housing violations and $900 in OATH penalties 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 25 of the 38 commercial properties representing 1,216,081 square feet of the 1,760,955 square feet. The largest owner is Nyc Department Of Education, followed by Shimon Greisman and then Residential Management (Ny).
On the tax block, there was one new building construction project filed totaling 33,274 square feet. It is a two-unit, 33,274 square-foot assembly (A-3) building submitted by Amara Kenneh with plans filed August 16, 2022 and permitted February 16, 2024.

The majority, or 48 percent of the 1.8 million square feet of built space are elevator buildings, with walkup buildings next occupying 45 percent of the space.

The seller

The PincusCo database currently indicates that Arbor Realty Trust owned at least five commercial properties with 99 residential units in New York City with 99,340 square feet and a city-determined market value of $4.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Eduart Shllaku owned at least nine commercial properties with 644 residential units in New York City with 597,756 square feet and a city-determined market value of $40.7 million. (Market value is typically about 50% of actual value.) The portfolio has $52.2 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 92 percent of the 597,756 square feet of built space are elevator properties, with walkup properties next occupying 8 percent of the space. The bulk, or 68 percent of the built space, is in Bronx, with Queens next at 23 percent of the space.

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