Hazir Lushaj pays $4M to MAC Multifamily for 48-unit walkup in Soundview

Hazir Lushaj through the entity Apec Realty LLC paid $4 million to MB Capital Assets’ affiliate MAC Multifamily Investments through the entity MAC Bronx Portfolio I LLC for the 48-unit residential walkup building (C1) at 1161 Elder Avenue in Soundview, Bronx. The expected use is cash flowing.
The deal closed on March 19, 2025 and was recorded on April 1, 2025. The property has 36,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $110 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 seller bought the property on January 4, 2019, for $8.9 million. The signatory for MB Capital Assets and MAC Multifamily Investments was Hertzl Moezinia. The signatory for Hazir Lushaj was Hazir Lushaj. The contract date was November 20, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hazir Lushaj had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller MB Capital Assets had not purchased any other properties and sold one property in one transaction for a total of $5.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steven Birbach, head officer and Alba Beato, site manager. The business entity is Mac Bronx Portfolio I. The 36,500-square-foot property generated revenue of $823,174 or $23 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 48 residential units in Soundview has 36,500 square feet of built space 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 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 $2.2 million. The property has 48 rent regulated units according to city tax records from 2023.

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 $1,250 in ECB penalties, two housing violations, and $1,300 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 three of the 13 commercial properties representing 82,916 square feet of the 308,015 square feet. The largest owner is Joseph Friedman, followed by Manny Chadha and then Langsam Property Services.
On the tax block, there was one new building construction project filed totaling 22,638 square feet. It is a 72-unit, 22,638 square-foot hotel/dormitory/shelter (R-1) building submitted by Nehalkumar Gandhi with plans filed February 22, 2016 and permitted February 21, 2017.

The majority, or 80 percent of the 308,015 square feet of built space are walkup buildings, with hotel buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Mb Capital Assets owned at least one commercial property with nine residential units in New York City with 6,746 square feet and a city-determined market value of $4.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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