Eduart Shllaku pays $9.7M to Scharfman Org. for 88-unit rental in Unionport

Eduart Shllaku through the entity Olmstead Avenue Realty LLC paid $9.7 million to Scharfman Organization through the entity 1265 Olmstead Avenue, L.L.C. for the 88-unit residential elevator building (D1) at 1265 Olmstead Avenue in Unionport, Bronx. The expected use is cash flowing.
The deal closed on April 29, 2025 and was recorded on May 2, 2025. The property has 92,666 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $104 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.

Eduart Shllaku financed the purchase with a $7.3 million acquisition loan from Ridgewood Savings Bank.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Eduart Shllaku purchased three properties in three transactions for a total of $33.6 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 four properties in four transactions for a total of $34.6 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 1265 Olmstead Avenue LLC. The 92,666-square-foot property generated revenue of $1.6 million or $17 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 88 residential units in Unionport has 92,666 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 124 feet deep with a total lot size of 18,600 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 2012 and expires in 2046. The city-designated market value for the property in 2022 is $5.9 million. The property has 86 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 23 housing violations and $730 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 two of the five commercial properties representing 184,322 square feet of the 217,216 square feet. The two identified owners are Scharfman Organization and Tibor Steiner.
There are no active new building construction projects on this tax block.

The majority, or 43 percent of the 217,216 square feet of built space are elevator buildings, with walkup buildings next occupying 42 percent of the space.

The seller

The PincusCo database currently indicates that Scharfman Organization owned at least 130 commercial properties with 3,849 residential units in New York City with 3,077,626 square feet and a city-determined market value of $655.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 71 percent of the 3,077,626 square feet of built space are elevator properties, with walkup properties next occupying 28 percent of the space. The bulk, or 81 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 six commercial properties with 384 residential units in New York City with 331,036 square feet and a city-determined market value of $22.6 million. (Market value is typically about 50% of actual value.) The portfolio has $35.3 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 331,036 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. The bulk, or 43 percent of the built space, is in Bronx, with Queens next at 42 percent of the space.

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