Gjek Popaj signs $8.8M construction loan with Northeast Community for 51-unit rental in Fordham Heights

Gjek Popaj through the entity 113 East 184 LLC as borrower signed a new construction loan with lender Northeast Community Bank through the entity Northeast Community Bank valued at $8.8 million for the industrial (G7) at 113 East 184th Street in Fordham Heights, Bronx.
The deal closed on September 29, 2021 and was recorded on October 22, 2021.
The property has 0 square feet of built space and 35,295 square feet of additional air rights for a total buildable of 35,295 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $248 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 August 13, 2020, for $2.1 million.
The signatory for Gjek Popaj was Gjek Popaj.
(240294686) Plans for a 51-unit, 29,440 square-foot R-2 were filed on November 17, 2020.

Within a 400-foot radius of 113 East 184th Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on April 5, 2021 for a 23,295-square-foot R-2 building with 45 residential units at 2361 Morris Avenue.
One of those three items was a loan which Agron Osmani borrowed $6.2 million from New York Community Bank secured by the 47,725-square-foot, 53-unit rental (C1) on 2415 Morris Avenue on May 18, 2020.

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