Franc Gjini signs $11.2M refi loan with Greystone & Co. for 57-unit rental in Allerton
Franc Gjini through the entity 2434 Bronx Park East Realty LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $11.2 million for the 57-unit residential elevator building (D1) at 2434 Bronx Park East in Allerton, Bronx.
The deal closed on December 7, 2022 and was recorded on December 14, 2022. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $8.1 million. The property has 37,141 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $302 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 Franc Gjini was Franc Gjini. The signatory for Greystone & Co. was Morgan A. Johnson.
Prior sales and revenue
The owner according to the Department of Housing Preservation and Development is Franc Gjini, individual owner.
The property
The 2434 Bronx Park East parcel has frontage of 50 feet and is 129 feet deep with a total lot size of 6,463 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 $1.3 million.The most recent loan totaled $8.1 million and was provided by Northeast Community Bank on June 29, 2020.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two DOB violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of four of the eight commercial properties representing 235,142 square feet of the 244,542 square feet. The largest owner is Ferdo Skrelja, followed by Beryl I. Shaw and then Mrika Simolacaj As Trustee.
On the tax block, there were two new building construction projects totaling 51,229 square feet. The largest is a 38-unit, 26,279-square-foot R-2 building developed by Franco Sukaj with plans filed June 8, 2020 and permitted March 23, 2022. The second largest is a 38-unit, 24,950-square-foot R-2 building developed by Franco Sukaj with plans filed June 8, 2020 and permitted February 8, 2022.
The majority, or 96 percent of the 244,542 square feet of built space are elevator buildings, with walkup buildings next occupying 2 percent of the space.
The borrower
The PincusCo database currently indicates that Franc Gjini owned at least four commercial properties in New York City with 38,391 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio has $9.1 million in debt, borrowed from NorthEast Community Bank. Within the portfolio, the bulk, or 97 percent of the 38,391 square feet of built space are elevator properties, with retail properties next occupying 3 percent of the space. They are all located in Bronx.
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