Paul Gjonaj borrows $8M from Northeast Community Bank for multifamily property in Tremont

Paul Gjonaj through the entity Crotona Avenue Developers LLC as borrower signed a loan agreement with lender Northeast Community Bank valued at $8.4 million for 1 parcel, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) and containing 64 residential units at 1911 Crotona Avenue in Tremont. The deal closed on December 6, 2019 and was recorded on February 14, 2020.
The property contains a total of 47,085 square feet of built space.
The average loan per unit is $131,250.
The last time the property sold was June 7, 2018, for $950,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There have been 2 demolition projects filed over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link