Durgaj Properties, Balfin Group pay $10.2M to Tresser Properties for possible dev site in Concourse

UPDATED, 6:52 a.m., April 18, 2026: Durgaj Properties and Balfin Group through the entity 112 East 167 Street LLC paid $10.2 million to Tresser Properties through the entity 167 Holding Corp. for the retail building (K1) at 112 East 167th Street in Concourse, Bronx. The expected use ground up development, based on the price per foot.
The deal closed on September 26, 2024 and was recorded on October 7, 2024. The property has 9,375 square feet of built space and 87,507 square feet of additional air rights for a total buildable of 96,837 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,088 and the price per buildable square foot is $105 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 Tresser Properties was Eric M. Schwartz. The signatory for Durgaj Properties and Balfin Group was Paulin Durgaj. Martin Mane leads Balfin Americas, a division of Albania-based Balfin Group. The contract date was June 17, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Paulin Durgaj purchased two properties in two transactions for a total of $2.6 million and has no record it sold any properties over the past 24 months.
The seller Tresser Properties had not purchased any other properties and sold one property in one transaction for a total of $12.3 million over the same time period.

The property

The retail building in Concourse has 9,375 square feet of built space and 87,507 square feet of additional air rights for a total buildable of 96,837 square feet according to a PincusCo analysis of city data. The parcel has frontage of 141 feet and is 113 feet deep with a total lot size of 16,086 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 million.

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 $900 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 neighborhood

In Concourse, The bulk, or 46 percent of the 13.4 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 16 percent of the space. In sales, Concourse has had very little sales volume relative to other neighborhoods with $81.2 million in sales volume in the last two years. For development, Concourse has near average amount of major developments among other neighborhoods and is the 6th highest in Bronx. It had 998,052 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 13 commercial properties representing 495,227 square feet of the 632,102 square feet. The largest owner is Ph Realty Capital, followed by Aron Ginsberg and then Intervest Capital Partners.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 632,102 square feet of built space are walkup buildings, with elevator buildings next occupying 48 percent of the space.

The buyer

The PincusCo database currently indicates that Paulin Durgaj owned at least eight commercial properties with 173 residential units in New York City with 100,603 square feet and a city-determined market value of $11.1 million. (Market value is typically about 50% of actual value.) The portfolio has $38.4 million in debt, with top three lenders as Wells Fargo, Arbor Realty Trust, and TD Bank respectively. Within the portfolio, the bulk, or 60 percent of the 100,603 square feet of built space are elevator properties, with D7 properties next occupying 30 percent of the space. They are all located in Bronx.

UPDATED: The post was updated to include Balfin Group as a buyer along with Durgaj Properties.

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