Eduart Shllaku pays $5.3M for 57-unit rental in Mt Hope

Eduart Shllaku through the entity 325 East 176th LLC paid $5.3 million to Menashe Kahan through the entity S.B.H. Realty Inc. for the 57-unit residential elevator building (D1) at 325 East 176th Street in Mt Hope, Bronx.
The deal closed on September 12, 2023 and was recorded on September 25, 2023. The property has 53,800 square feet of built space and 4,759 square feet of additional air rights for a total buildable of 58,476 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $98 and the price per buildable square foot is $90 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 Menashe Kahan was Menashe Kahan. The signatory for Eduart Shllaku was Eduart Shllaku. The contract date was May 22, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eduart Shllaku purchased two properties in two transactions for a total of $13.4 million and has no record it sold any properties over the past 24 months.
The seller Menashe Kahan had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Kahan, head officer and Mark Kahan, officer. The business entity is Sbh Realty Inc.

The property

The residential elevator building with 57 residential units in Mt Hope has 53,800 square feet of built space and 4,759 square feet of additional air rights for a total buildable of 58,476 square feet according to a PincusCo analysis of city data. The parcel has frontage of 108 feet and is 125 feet deep with a total lot size of 16,999 square feet. The lot is irregular. 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 $2.9 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 27 housing violations and $300 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 six of the nine commercial properties representing 94,603 square feet of the 150,379 square feet. The largest owner is Promesa Foundation, followed by Jericho Project and then Finkelstein Timberger East Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 77 percent of the 150,379 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Eduart Shllaku owned at least three commercial properties with 135 residential units in New York City with 138,093 square feet and a city-determined market value of $6.3 million. (Market value is typically about 50% of actual value.) The portfolio has $10.9 million in debt, borrowed from New York Community Bank. Within the portfolio, all identified are elevator properties. The bulk, or 64 percent of the built space, is in Bronx, with Manhattan next at 36 percent of the space.

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