Innovative Development signs $18.2M refi for newly built 52-unit rental in Bedford Park

UPDATED 6:20 p.m., August 13, 2024: Endi Ulaj of Innovative Development through the entity 390 Mosholu LLC as borrower signed a refi loan with lender Wells Fargo valued at $18.2 million for the 52-unit residential elevator building (D1) at 390 East Mosholu Parkway South in Bedford Park, Bronx.
The deal closed on August 2, 2024 and was recorded on August 9, 2024. The prior lender was NorthEast Community Bank which provided a construction loan that had an original loan amount of $12.7 million.
The property has 40,098 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $455 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 May 14, 2018, for $2.6 million. The signatory for Innovative Development was Endi Ulaj. The signatory for Wells Fargo was Anthony J. Boucino.

The property

The residential elevator building with 52 residential units in Bedford Park has 40,098 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 51 feet and is 121 feet deep with a total lot size of 6,339 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $473,000. The most recent loan totaled $12.7 million and was provided by NorthEast Community Bank on June 29, 2022.

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 three DOB violations, $5,625 in ECB penalties, and $6,275 in OATH penalties in the last year.

Development

On the lot, there was a new building construction project, 210182407, for a 52-unit, 38,051 square-foot R-2 building. The project was submitted by Astrit Ulaj and filed by Astrit Ulaj with plans filed January 26, 2021 and permitted July 8, 2022.

The block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 132,306 square feet of the 398,975 square feet. The largest owner is Astrit Ulaj, followed by Denali Management and then Ocs Builders Group.
On the tax block, there were three new building construction projects totaling 64,108 square feet. The largest is a 52-unit, 38,051 square-foot residential (R-2) building submitted by Astrit Ulaj and filed by Astrit Ulaj with plans filed January 26, 2021 and permitted July 8, 2022. The second largest is a 24-unit, 13,295 square-foot residential (R-2) building submitted by Joel Friedman with plans filed March 10, 2022 and permitted June 1, 2023.

The majority, or 59 percent of the 398,975 square feet of built space are elevator buildings, with walkup buildings next occupying 39 percent of the space.

The borrower

The PincusCo database currently indicates that Endi Ulaj owned at least two commercial properties with one residential unit in New York City with 2,678 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 2,678 square feet of built space are A1 properties, with development properties next occupying 0 percent of the space. They are all located in Bronx.

UPDATED with the name Innovative Development as the company Endi Ulaj leads.
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