Developer Vilson Lumaj closed a $14 million deal to acquire a vacant Bronx property and air rights, setting up construction of two 99-unit residential buildings at 761-769 East Tremont Avenue. Lumaj paid $10 million for the land from seller Yoram Eliyahu and an additional $3.5 million for 60,000 square feet of air rights above the site.
The two buildings will deliver 198 units total to a Bronx market hungry for new residential supply. East Tremont Avenue sits in the Bronx's Pelham Bay neighborhood, an area experiencing renewed development interest as developers seek opportunities outside Manhattan and Brooklyn's saturated markets.
Air rights purchases like this one have become standard practice in New York development. By acquiring rights to build above existing structures or vacant land, developers maximize density on constrained urban sites. In this case, the air rights enabled Lumaj to plan two separate buildings rather than a single, taller tower, likely creating more design flexibility and community-friendly streetscapes.
The deal reflects confidence in outer-borough residential development. Bronx properties remain cheaper than comparable Brooklyn or Manhattan sites, attracting capital from developers betting on continued demand for rental and ownership housing. New supply here helps address the region's ongoing affordable housing crunch, though specifics on unit pricing were not disclosed.
Lumaj has established himself as an active Bronx and outer-borough developer. This transaction signals his continued expansion in the borough. The project timeline and financing sources remain unclear from available details, though the deal's completion suggests Lumaj has secured capital or financing commitments to move forward.
For Bronx residents, the project represents new housing stock and potential jobs during construction. For sellers like Eliyahu, the $14 million takeaway validates land values in neighborhoods benefiting from transit access and renewed investment