Vilson Lumaj pays $4.7M for dev site in Williamsbridge

Vilson Lumaj through the entity V. Gun Hill Tower LLC paid $4.7 million to Maria Loreti through the entity Loreti, Maria for two development parcels (V0) at 734 East 213th Street in Williamsbridge, Bronx.
The deal closed on July 6, 2023 and was recorded on July 12, 2023. The two properties have zero square feet of built space and 49,992 square feet of additional air rights for a total buildable of 49,992 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $94 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 Maria Loreti was Maria Loreti. The signatory for Vilson Lumaj was Vilson Lumaj.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Vilson Lumaj purchased three properties in one transaction for a total of $1.3 million and has no record it sold any properties over the past 24 months.
The seller Maria Loreti had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $758,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 Williamsbridge, The bulk, or 40 percent of the 6.9 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 26 percent of the space. In sales, Williamsbridge has the 21st highest sale turnover among other neighborhoods in Bronx with $76 million in sales volume in the last two years. For development, Williamsbridge has had very little major development activity relative to other neighborhoods.It had 406,450 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block of 734 East 213th Street, PincusCo has identified the owners of five of the 13 commercial properties representing 17,129 square feet of the 41,375 square feet. The two identified owners are Vilson Lumaj and Stagg Group.
On the tax block, there were two new building construction projects totaling 70,237 square feet. The largest is a 106-unit, 70,237 square-foot residential (R-2) building submitted by Vilson Lumaj with plans filed June 27, 2023 and it has not been permitted yet. The second largest is a 10-unit building submitted by Haseeb Hatchana with plans filed April 2, 2021 and it has not been permitted yet.

The majority, or 79 percent of the 41,375 square feet of built space are walkup buildings, with mixed-use buildings next occupying 19 percent of the space.

The buyer

The PincusCo database currently indicates that Vilson Lumaj owned at least 10 commercial properties with 180 residential units in New York City with 150,047 square feet and a city-determined market value of $18.9 million. (Market value is typically about 50% of actual value.) The portfolio has $41.8 million in debt, with top three lenders as Northeast Community Bank, Dime Community Bank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 77 percent of the 150,047 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. They are all located in Bronx.

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