Ndricim Kastrati signs $6M construction loan for 26-unit project in University Heights

Ndricim Kastrati through the entity JRNK LLC as borrower signed a new construction loan with lender Bayport Funding valued at $6 million for the 26-unit project at 2216 Aqueduct Avenue in University Heights, Bronx.
On the lot, there is one active new building construction project for a 26-unit, 17,396 square-foot residential (R-2) building. The project was submitted by Joseph Rukaj and filed by Joseph Rukaj with plans filed March 21, 2023 and permitted April 6, 2023.
The deal closed on July 31, 2023 and was recorded on August 22, 2023.
The owner bought one of the tax lots making up the development site on July 7, 2022, for $700,000. The signatory for Ndricim Kastrati was Ndricim Kastrati. The signatory for Bayport Funding was attorney Nina Smalls-Toogood.

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 $7,500 in ECB penalties and $3,100 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of seven of the 18 commercial properties representing 115,376 square feet of the 211,537 square feet. The largest owner is Lightstone Group, followed by Dennis Gomez and then Chestnut Holdings Of New York.
On the tax block, there were five new building construction projects totaling 94,610 square feet. The largest is a 56-unit, 38,307 square-foot residential (R-2) building submitted by Spaxel and filed by Glenn Palilla with plans filed April 27, 2021 and it has not been permitted yet. The second largest is a 28-unit, 22,122 square-foot residential (R-2) building submitted by Vyacheslav Faybyshev with plans filed December 5, 2018 and it has not been permitted yet.

The majority, or 61 percent of the 211,537 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

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