Paulin Durgaj pays $1M in Longwood, adds to dev site

Paulin Durgaj through the entity 790 East 151 LLC paid $1 million to Steve Zervoudis of Galaxy General Contracting through the entity Lamia Development LLC for the development site (V0) at 790 East 151st Street in Longwood, Bronx.
On the same day, Durgaj paid Zervoudis $1.6 million for 599 Tinton Avenue, but recorded the purchase a day earlier.
On the parcels, there was one new building construction project filed totaling 27,374 square feet. It is a 35-unit, 27,374 square-foot residential (R-2) building submitted by Galaxy General Contracting and filed by Steve Zervoudis with plans filed January 28, 2020 and it has not been permitted yet.

The sale closed on July 20, 2023 and was recorded on August 4, 2023. The property has zero square feet of built space and 28,662 square feet of additional air rights for a total buildable of 28,662 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $34 per the PincusCo analysis. The other parcel has a smaller lot size.

The property

The parcel has frontage of 25 feet and is 174 feet deep with a total lot size of 8,332 square feet. 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 $501,000.

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 not received any significant violations 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 Longwood, The bulk, or 44 percent of the 22.3 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 27 percent of the space. In sales, Longwood has had very little sales volume relative to other neighborhoods with $226.9 million in sales volume in the last two years. For development, Longwood has had very little major development activity relative to other neighborhoods.It had 814,155 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 15 commercial properties representing 173,978 square feet of the 257,267 square feet. The two identified owners are Haimo Zhong and Leeds Associates.
On the tax block, there was one new building construction project filed totaling 27,374 square feet. It is a 35-unit, 27,374 square-foot residential (R-2) building submitted by Galaxy General Contracting and filed by Steve Zervoudis with plans filed January 28, 2020 and it has not been permitted yet.

The majority, or 75 percent of the 257,267 square feet of built space are walkup buildings, with specialty buildings next occupying 21 percent of the space.

Direct link to Acris document. link