Joel Freund pays $2.5M for stalled 18-unit dev site in Pelham Bay

Joel Freund paid $2.5 million to Sharon Hakmon through the entity 3109 Buhre Ave Corp. for the stalled, 18-unit development site at 3109 Buhre Avenue in Pelham Bay, the Bronx, according to the brokers on the deal.

The sale went into contract on December 18, 2023, and closed on April 18, 2024. The sale has not yet been recorded in city records.
The sale was brokered by Asset CRG Advisors agents Mike Sezan and Natali Gil-Yusupov, who represented the buyer and seller.

The plans call for a seven-story, 24,450-buildable-square-foot elevator building with 18 two-bedroom residential units and nine parking spaces. The property has a 421-a in place.

On August 12, 2015, Sharon Hakmon of H. Holding Group submitted a new building construction project for an 18-unit, residential (R-2) building at 3109 Buhre Avenue in Pelham Bay, Bronx. The plan was filed with the New York City Department of Buildings under job number 220473217 and was permitted on June 1, 2017.

The property

The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 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 $999,000.

Violations and lawsuits

According to city public data, the property has received two DOB violations, $40,625 in ECB penalties, and $40,805 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Pelham Bay, The bulk, or 27 percent of the 6.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 23 percent of the space. In sales, Pelham Bay has near average sales volume among other neighborhoods with $82.1 million in sales volume in the last two years and is the 15th highest in Bronx. For development, Pelham Bay has near average amount of major developments among other neighborhoods and is the 31st highest in Bronx. It had 248,018 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The surrounding

Within a 400-foot radius of 3109 Buhre Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Paulin Lumaj borrowed $6 million from Greystone & Co. secured by the 33,802-square-foot, 35-unit rental (D1) on 3066 Buhre Avenue on April 19, 2024.

Direct link to the property’s ACRIS page and link to DOB NOW portal.