Florjan Pepa pays $8.2M for two walkups in Pelham Bay with 71 units

Florjan Pepa paid $8.2 million for two walkups in Pelham Bay, the Bronx, that have a total of 71 residential units, in two transactions.

In the first, Florjan Pepa through the entity 1741 Pepa Realty LLC paid $5.2 million to Santina Mondelli through the entity 1741 Pilgrim Avenue, LLC for the 44-unit residential walkup building (C1) at 1741 Pilgrim Avenue in Pelham Bay, Bronx. The expected use is cash flowing.
The deal closed on December 30, 2025 and was recorded on January 13, 2026. The property has 34,031 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $151 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.)

In the second, Florjan Pepa through the entity 1770 Pepa Realty LLC paid $3 million to Santina Mondelli through the entity 1770 Mahan Ave. LLC for the 27-unit residential walkup building (C1) at 1770 Mahan Avenue in Pelham Bay, Bronx. The expected use is cash flowing.
The deal closed on December 30, 2025 and was recorded on January 13, 2026. The property has 23,875 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $127 per the PincusCo analysis.

The signatory for Santina Mondelli was Santina Mondelli. The signatory for Florjan Pepa was Florjan Pepa. The contract date was August 19, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Florjan Pepa had purchased any other properties and sold one property in one transaction for a total of $3.3 million over the past 24 months.
The seller Santina Mondelli had not purchased any other properties and sold two properties in two transactions for a total of $11 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Tina Mondelli, head officer and Antoinette Mondelli, officer. The business entity is 1741 Pilgrim Ave Llc. The 34,031-square-foot property generated revenue of $681,327 or $20 per square foot, according to the most recent income and expense figures.

The property

The larger residential walkup building with 44 residential units in Pelham Bay has 34,031 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 95 feet deep with a total lot size of 9,500 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 $2 million. The property has 44 rent regulated units according to city tax records from 2024.

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 seven housing violations and $350 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 one of the four commercial properties representing 98,832 square feet of the 184,608 square feet. The identified owner is Mark Drakotos.
On the tax block, there was one new building construction project filed totaling 9,730 square feet. It is a 15-unit, 9,730 square-foot residential (R-2) building submitted by Leonard Nacaj and filed by Leonard Nacaj with plans filed May 30, 2025 and it has not been permitted yet.

The majority, or 54 percent of the 184,608 square feet of built space are elevator buildings, with walkup buildings next occupying 46 percent of the space.

The buyer

The PincusCo database currently indicates that Florjan Pepa owned at least one commercial property in New York City with 9,000 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Queens.

Direct link to Acris document. link
Direct link to Acris document. link