Luigi Perlleshi pays $7.5M for 95-unit rental in Soundview

Luigi Perlleshi through the entity Alex Apartments LLC paid $7.5 million to Michael Kason through the entity Kason Enterprises, LLC for the 95-unit residential elevator building (D1) at 1154 Ward Avenue in Soundview, Bronx. The expected use is cash flowing.
The deal closed on June 24, 2025 and was recorded on July 3, 2025. The property has 90,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $83 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 signatory for Michael Kason was Michael Kason. The signatory for Luigi Perlleshi was Luigi Perlleshi. The contract date was March 10, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Luigi Perlleshi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael Kason had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Kason, head officer and Anderson Badia, site manager. The business entity is Kason Enterprises Llc. The 90,000-square-foot property generated revenue of $1.2 million or $13 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 95 residential units in Soundview has 90,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 20,000 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 $2.8 million. The property has 95 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 one DOB violation, $2,500 in ECB penalties, eight housing violations, and $2,700 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 six of the eight commercial properties representing 200,190 square feet of the 299,444 square feet. The largest owner is Alma Realty, followed by Kalman Tabak and then Irgang Group.
There are no active new building construction projects on this tax block.

The majority, or 88 percent of the 299,444 square feet of built space are elevator buildings, with retail buildings next occupying 9 percent of the space.

The buyer

The PincusCo database currently indicates that Luigi Perlleshi owned at least one commercial property with 31 residential units in New York City with 31,788 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Bronx.

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