Joseph Rukaj signs $11.6M construction loan with Bayport for development in Kingsbridge Heights

Joseph Rukaj through the entity 3852 Bailey Ave Property LLC as borrower signed a new construction loan with lender Bayport Funding through the entity Bayport Funding LLC valued at $11.6 million for the three-unit development building (V0) at 3848 Bailey Avenue in Kingsbridge Heights, Bronx.

On the lot, there is one active new building construction project, X01244736, for a 41-unit, 27,890 square-foot residential (R-2) building. The project was submitted by Joseph Rukaj and filed by Joseph Rukaj with plans filed October 9, 2025 and it has not been permitted yet.
The deal closed on April 28, 2026 and was recorded on May 15, 2026. The property has 1,440 square feet of built space and 10,780 square feet of additional air rights for a total buildable of 10,780 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $8,046 and the price per buildable square foot is $1,074 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 December 19, 2024, for $1.1 million. The signatory for Joseph Rukaj was Joseph Gjelosh Rukaj.

The property

The development building with 3 residential units in Kingsbridge Heights has 1,440 square feet of built space and 10,780 square feet of additional air rights for a total buildable of 10,780 square feet according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 115 feet deep with a total lot size of 3,134 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 $789,000.

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 two DOB violations, $32,500 in ECB penalties, and $32,500 in OATH penalties in the last year.

The neighborhood

In Kingsbridge Heights, The majority, or 57 percent of the 10.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 33 percent of the space. In sales, Kingsbridge Heights has the 29th highest sale turnover among other neighborhoods in Bronx with $54.1 million in sales volume in the last two years. For development, Kingsbridge Heights has had very little major development activity relative to other neighborhoods.It had 461,177 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 block

On this tax block, PincusCo has identified the owners of eight of the 23 commercial properties representing 576,955 square feet of the 878,207 square feet. The largest owner is Atlantic Development Group, followed by Ved Parkash and then Joshua Balsam.
On the tax block, there were five new building construction projects totaling 46,822 square feet. The largest is a 41-unit, 27,890 square-foot residential (R-2) building submitted by Joseph Rukaj and filed by Joseph Rukaj with plans filed October 9, 2025 and it has not been permitted yet. The second largest is a 32-unit, 15,170 square-foot residential (R-2) building submitted by Joel Silberstein and filed by Joel Silberstein with plans filed February 17, 2025 and permitted July 15, 2025.

The majority, or 72 percent of the 878,207 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Joseph Rukaj owned at least one commercial property with 26 residential units in New York City with 1,858 square feet and a PincusCo-determined asset value of $9.7 million. The portfolio consists of at least a single D1 property.

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