Leser Group pays $12M to Group Gjonaj for new multifamily property in Longwood Melrose

Naftali Leser’s Leser Group through the entity 1181 Sherman Avenue LLC paid Paul Gjonaj’s Group Gjonaj’s Group Gjonaj LLC $12.5 million for 1181 Sherman Avenue in Longwood Melrose. The deal closed on November 27, 2019, and was recorded on December 17, 2019. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 43 residential units. The property is 30,953 square feet. The parcel(s) have total development potential of 31,503 square feet.
The sale price per unit is $289,549..

The last time the property sold was January 24, 2017, for $1,493,863.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 43 residential (or hotel) units on July 24, 2019.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 30,953 square feet. Those plans include a total of 43 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link