Paul Lumaj files plans for 55-unit project in Pelham Bay

Paul Lumaj submitted a new building construction project for a 55-unit, 53,391 square-foot residential (R-2) building at 3217 Westchester Avenue in Pelham Bay, Bronx. The plan was filed with the New York City Department of Buildings on November 30, 2022 under job number X08045113. It calls for the construction of a seven-story building. The project is described in the filing as: new 55-unit residential mixed-used building. The architect is Badaly Architects.

The property

The existing retail building in Pelham Bay has 6,100 square feet of built space and 31,449 square feet of additional air rights for a total buildable of 37,564 square feet according to a PincusCo analysis of city data. The property is owned by Paulin Lumaj. The parcel has frontage of 74 feet and is 103 feet deep with a total lot size of 10,920 square feet. The lot is irregular. 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 $2.1 million.

Prior sales and revenue

This property was sold by Charles J. Salto, Dominick Fazio and Sally Linda Franklin for $3.6 million to Paulin Lumaj on August 24, 2022.

The 6,100-square-foot property generated revenue of $250,694 or $41 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Pelham Bay, The bulk, or 31 percent of the 7.5 million square feet of commercial built space are specialty buildings, with elevator buildings next occupying 24 percent of the space. In sales, Pelham Bay has near average sales volume among other neighborhoods with $34 million in sales volume in the last two years and is the 30th highest in Bronx. For development, Pelham Bay has near average amount of major developments among other neighborhoods and is the 24th highest in Bronx. It had 363,769 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 11 commercial properties representing 11,125 square feet of the 48,604 square feet. The two identified owners are Paulin Lumaj and Bennett Caiola. On the tax block, there was one new building construction project filed totaling 53,391 square feet. It is a 55-unit, 53,391 square-foot residential (R-2) building submitted by Paul Lumaj and filed by Paul Lumaj with plans filed November 30, 2022 and it has not been permitted yet.

The owner

The PincusCo database currently indicates that Paulin Lumaj owned at least 11 commercial properties with 60 residential units in New York City with 68,373 square feet and a city-determined market value of $10.4 million. (Market value is typically about 50% of actual value.) The portfolio has $10.3 million in debt, borrowed from Northeast Community Bank and Self Reliance New York Federal Credit Union. Within the portfolio, the bulk, or 49 percent of the 68,373 square feet of built space are elevator properties, with C0 properties next occupying 35 percent of the space. They are all located in Bronx.

The surrounding

Within a 400-foot radius of 2011 Continental Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. There were two new building permit applications. The most recent of these two items was a filing on April 25, 2022 for a 52,467-square-foot business (B) building at 3251 Westchester Avenue.

Direct link to the property’s ACRIS page and link to DOB NOW portal.