Franco Sukaj pays $4.5M for second stake in retail in Fordham Manor, total paid is $7M

Developer Franco Sukaj and Nush Sukaj through the entity 2748 Jerome LLC paid $4.5 million to the family of grocer Morton Williams through the entity Morton & William Realty, LLC for a stake in the retail building (K1) at 2748 Jerome Avenue in Fordham Manor, Bronx. In October 2024, Franco Sukaj paid Rodolfo Fuertes $2.5 million for a 50 percent interest in the property. So the total purchase was $7 million.
The deal closed on February 10, 2025 and was recorded on February 26, 2025. The property has 10,000 square feet of built space and 50,200 square feet of additional air rights for a total buildable of 60,200 square feet according to a PincusCo analysis of city data.
The signatory for Morton Williams was Abraham Kaner. The signatory for Franco Sukaj and Nush Sukaj was Franco Sukaj. The contract date was September 17, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Franco Sukaj purchased one property in one transaction for a total of $2.5 million and sold two properties in one transaction for a total of $5.8 million over the past 24 months.
The seller Morton Williams had not purchased any other properties and had not sold any properties over the same time period. The 10,000-square-foot property generated revenue of $311,366 or $31 per square foot, according to the most recent income and expense figures.

The property

The retail building in Fordham Manor has 10,000 square feet of built space and 50,200 square feet of additional air rights for a total buildable of 60,200 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 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 $2.7 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 $1,050 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 neighborhood

In Fordham Manor, The bulk, or 35 percent of the 18.4 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 28 percent of the space. In sales, Fordham Manor has had very little sales volume relative to other neighborhoods with $115.1 million in sales volume in the last two years. For development, Fordham Manor has had very little major development activity relative to other neighborhoods.It had 630,109 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 12 commercial properties representing 344,458 square feet of the 438,818 square feet. The largest owner is Shaban Mehaj, followed by Prana Investments and then Franco Sukaj.
On the tax block, there was one new building construction project filed totaling 94,917 square feet. It is a 94,917 square-foot educational (E) building submitted by KIPP NYC and filed by Ahkilah Johnson with plans filed January 8, 2021 and permitted December 16, 2021.

The majority, or 64 percent of the 438,818 square feet of built space are walkup buildings, with specialty buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Franco Sukaj owned at least eight commercial properties with 235 residential units in New York City with 174,566 square feet and a city-determined market value of $19 million. (Market value is typically about 50% of actual value.) The portfolio has $29 million in debt, with top three lenders as Greystone & Co., Ponce Bank, and NorthEast Community Bank respectively. Within the portfolio, the bulk, or 71 percent of the 174,566 square feet of built space are elevator properties, with retail properties next occupying 15 percent of the space. They are all located in Bronx.
The PincusCo database currently indicates that Nush Sukaj owned at least two commercial properties with 85 residential units in New York City with 34,145 square feet and a city-determined market value of $921,000. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from NorthEast Community Bank. Within the portfolio, the bulk, or 100 percent of the 34,145 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Bronx.

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