Vilson Lumaj signs $25M construction loan for 99-unit project in Williamsbridge

Vilson Lumaj through the entity V. Gun Hill Tower LLC as borrower signed a new construction loan with lender NorthEast Community Bank valued at $25 million for the 99-unit project at 3556 Holland Avenue in Williamsbridge, Bronx.
On the lot, there is one active new building construction project, X00895492, for a 99-unit, 70,237 square-foot R-2 building. The project was submitted by Vilson Lumaj and filed by Vilson Lumaj with plans filed June 27, 2023 and permitted July 17, 2024. (Earlier plans described a 106-unit project.)
The deal closed on October 29, 2024 and was recorded on November 8, 2024.
The signatory for Vilson Lumaj was Vilson Lumaj.

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 $1,600 in OATH penalties in the last year.

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 had very little sales volume relative to other neighborhoods with $76.9 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 402,125 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. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven 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 and filed by Vilson Lumaj with plans filed June 27, 2023 and permitted April 3, 2024. 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 borrower

The PincusCo database currently indicates that Vilson Lumaj owned at least 12 commercial properties with 178 residential units in New York City with 150,047 square feet and a city-determined market value of $19.8 million. (Market value is typically about 50% of actual value.) The portfolio has $53.8 million in debt, with top three lenders as Northeast Community Bank, Dime Community Bank, and Arbor Realty Trust 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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