Paulin Lumaj signs $6M refi with Greystone & Co. for 35-unit rental in Pelham Bay

Paulin Lumaj through the entity 3066 Buhre Avenue LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $6 million for the 35-unit residential elevator building (D1) at 3066 Buhre Avenue in Pelham Bay, Bronx.
The deal closed on April 12, 2024 and was recorded on April 19, 2024. The prior lender was Metropolitan Commercial Bank which held debt that had an original loan amount of $6.5 million. The property has 33,802 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $177 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 owner bought the property on October 1, 2014, for $400,000. The signatory for Paulin Lumaj was Paulin Lumaj. The signatory for Greystone & Co. was N. Tyler Darby.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Paulin Lumaj, head officer and Diana Shkreli, agent. The business entity is 3066 Buhre Avenue Llc. The 33,802-square-foot property generated revenue of $741,989 or $22 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 35 residential units in Pelham Bay has 33,802 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,499 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2019 and expires in 2034. The city-designated market value for the property in 2022 is $3.8 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 one DOB violation, two housing violations, and $350 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 22, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 69,600 square feet of the 137,763 square feet. The two identified owners are Jerome Lawrence Inc. and Giuseppe Giambrone.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 137,763 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that Paulin Lumaj owned at least 14 commercial properties with 113 residential units in New York City with 107,535 square feet and a city-determined market value of $18.9 million. (Market value is typically about 50% of actual value.) The portfolio has $51.3 million in debt, with top three lenders as NorthEast Community Bank, SUMA Federal Credit Union, and Wells Fargo respectively. Within the portfolio, the bulk, or 63 percent of the 107,535 square feet of built space are elevator properties, with C0 properties next occupying 22 percent of the space. They are all located in Bronx.

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