Eduart Shllaku signs $9.5M loan for new 37-unit rental in Tremont

Eduart Shllaku through the entity Dj East 180 LLC as borrower signed a initial loan with lender Wells Fargo through the entity Wells Fargo Bank, N.A. valued at $9.5 million for the 37-unit residential elevator building (D1) at 712 East 180th Street in Tremont, Bronx.
The deal closed on April 24, 2025 and was recorded on April 29, 2025. The property has 27,910 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $340 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 March 22, 2019, for $573,000.

Prior sales and revenue

The 27,910-square-foot property generated revenue of $828,491 or $30 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 37 residential units in Tremont has 27,910 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 140 feet deep with a total lot size of 7,026 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 $1.7 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 $150 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 20, 2025. 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 15 commercial properties representing 16,795 square feet of the 36,055 square feet. The two identified owners are Shaya Seidenfeld and David Rosenberg.
There are no active new building construction projects on this tax block.

The majority, or 47 percent of the 36,055 square feet of built space are walkup buildings, with mixed-use buildings next occupying 46 percent of the space.

The borrower

The PincusCo database currently indicates that Eduart Shllaku owned at least five commercial properties with 347 residential units in New York City with 331,036 square feet and a city-determined market value of $22.3 million. (Market value is typically about 50% of actual value.) The portfolio has $25.8 million in debt, borrowed from Ridgewood Savings Bank and New York Community Bank. Within the portfolio, all identified are elevator properties. 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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