Robert Lumaj signs $32.5M construction loan for 73-unit project in Morrisania

Robert Lumaj through the entity 3273 3rd LLC as borrower signed a new construction loan with lender NorthEast Community Bank through the entity Northeast Community Bank valued at $32.5 million for the two-unit development building (V1) at 3267 3rd Avenue in Morrisania, Bronx.
On the lot, there is one active new building construction project, X00718663, for a 73-unit, 52,842 square-foot residential (R-2) building. The project was submitted by Joel Fekete and filed by Joel Fekete with plans filed April 15, 2022 and permitted March 6, 2024.
The deal closed on February 12, 2025 and was recorded on February 27, 2025. The loan price per project square foot is $615 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 January 18, 2023, for $4.8 million. The signatory for Robert Lumaj was Robert Lumaj.

The property

The development building with 2 residential units in Morrisania has 4,848 square feet of built space and 46,061 square feet of additional air rights for a total buildable of 46,061 square feet according to a PincusCo analysis of city data. The parcel has frontage of 76 feet and is 178 feet deep with a total lot size of 13,390 square feet. The lot is irregular. The zoning is M1-1/R7-2 which allows for up to 1 times floor area ratio (FAR) for manufacturing and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $575,000.

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 received $4,900 in ECB penalties and $5,150 in OATH penalties in the last year.

The neighborhood

In Morrisania, The majority, or 52 percent of the 25.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Morrisania has near average sales volume among other neighborhoods with $277.7 million in sales volume in the last two years and is the 2nd highest in Bronx. For development, Morrisania has had very little major development activity relative to other neighborhoods.It had 680,082 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 115,137 square feet of the 163,446 square feet. The largest owner is Postgraduate Center For Mental Health, followed by Gittel Steinmetz and then Robert Lumaj.
On the tax block, there was one new building construction project filed totaling 52,842 square feet. It is a 73-unit, 52,842 square-foot residential (R-2) building submitted by Joel Fekete and filed by Joel Fekete with plans filed April 15, 2022 and permitted June 7, 2022.

The majority, or 57 percent of the 163,446 square feet of built space are elevator buildings, with mixed-use buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Robert Lumaj owned at least two commercial properties in New York City with 4,848 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 4,848 square feet of built space are mixed-use properties, with development properties next occupying 0 percent of the space. They are all located in Bronx.

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