Genc Lakaj signs $12.2M refi with Wells Fargo for 41-unit rental in Soundview
Genc Lakaj through the entity 710 Beach LLC as borrower signed a refi loan with lender Wells Fargo valued at $12.2 million for the 41-unit residential elevator building (D1) at 714 Beach Avenue in Soundview, Bronx.
The deal closed on February 4, 2026 and was recorded on February 19, 2026. The prior lender was NorthEast Community Bank which held debt that had an original loan amount of $11.1 million.The property has 27,118 square feet of built space and 225 square feet of additional air rights for a total buildable of 27,337 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $449 and the price per buildable square foot is $446 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 November 17, 2021, for $700,000. The signatory for Genc Lakaj was Genc Lakaj. The signatory for Wells Fargo was Anthony J. Boucino .
Prior sales, articles and revenue
The owner according to the Department of Housing Preservation and Development is Genc Lakaj, head officer. The business entity is 710 Beach Llc.
The property
The residential elevator building with 41 residential units in Soundview has 27,118 square feet of built space and 225 square feet of additional air rights for a total buildable of 27,337 square feet according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 11,250 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $709,000. Wells Fargo on February 4, 2026 acquired the loan with an original principal of $11.1M from NorthEast Community Bank signed by Raymond L. Francis , secured by 714 Beach Avenue, when owned by Genc Lakaj .
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 $5,000 in ECB penalties and $5,050 in OATH penalties in the last year.
Development
On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 17,193 square feet. The largest, X00671225, is a new building project for a 10-unit, 9,244 square-foot R-2 building submitted by Genc Lakaj with plans filed February 6, 2022 and it has not been permitted yet. The second largest, X00655494, is a new building project for a 10-unit, 7,949 square-foot R-2 building submitted by Genc Lakaj with plans filed December 31, 2021 and permitted June 13, 2024.
The block
On this tax block, PincusCo has identified the owners of two of the four commercial properties representing 86,370 square feet of the 99,633 square feet. The two identified owners are Douglaston Development and Genc Lakaj.
On the tax block, there were two new building construction projects totaling 17,193 square feet. The largest is a 10-unit, 9,244 square-foot residential (R-2) building submitted by Genc Lakaj with plans filed February 6, 2022 and it has not been permitted yet. The second largest is a 10-unit, 7,949 square-foot residential (R-2) building submitted by Genc Lakaj with plans filed December 31, 2021 and permitted June 13, 2024.
The majority, or 90 percent of the 99,633 square feet of built space are elevator buildings, with walkup buildings next occupying 10 percent of the space.
The borrower
The PincusCo database currently indicates that Genc Lakaj owned at least seven commercial properties with 157 residential units in New York City with 31,624 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) The portfolio has $11.1 million in debt, borrowed from NorthEast Community Bank. Within the portfolio, the bulk, or 79 percent of the 31,624 square feet of built space are walkup properties, with D1 properties next occupying 21 percent of the space. They are all located in Bronx.
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