Elchonon Shilian, HSK pays $2.5M for dev parcel in Morris Heights

Elchonon Shilian and HSK Capital Group through the entity Hsk7s 1840 LLC paid $2.5 million to Jose Segura and Ana Segura for a development site that has been occupied by a two-unit walkup building at 1840 Harrison Avenue in Morris Heights, Bronx. HSK already owns 1816 Harrison Avenue.
The deal closed on December 29, 2021 and was recorded on January 25, 2022.
The property has 4,833 square feet of built space and 30,775 square feet of additional air rights for a total buildable of 35,645 square feet according to PincusCo analysis of city data. The sale price per built square foot is $517 and the price per buildable square foot is $70 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 Jose Segura and Ana Segura was Jose Segura and Ana Segura. The signatory for Elchonon Shilian and HSK Capital Group was Elchonon Shilian.

There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.
In Morris Heights, the majority, or 61 percent of the 17.8 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 18 percent of the space. In sales, Morris Heights has near average sales volume among other neighborhoods with $244.6 million in sales volume in the last two years and is the 3rd highest in Bronx. For development, Morris Heights has 1.5 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Bronx. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
On the tax block, the majority, or 73 percent of the 990,129 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 15 percent of the space.
Within a 400-foot radius of 1840 Harrison Avenue, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on June 3, 2020 for a 15,561-square-foot R-2 building with 24 residential units at 1816 Harrison Avenue.
Of those four items, three were loans above $5 million totaling $19.7 million. The most recent of the three was Elchonon Shilian which borrowed $6.1 million from Quanta Finance secured by the 4,118-square-foot, two-unit two-family building (B2) on 1816 Harrison Avenue on August 12, 2021.

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