Bronx Borough President Vanessa Gibson joined a July 7 ribbon-cutting for two buildings at 19 and 21 East 198th St. in Bedford Park, developed by AG Holdings.
Company leaders, nearby neighbors and workers enjoyed a block party that included a DJ, food and drinks, with the new 11-story buildings in the backdrop. They represent a total of 166 apartments, 34 of which are affordable to households earning up to 80% Area Median Income (AMI), or about $122,000 for a three-person family.
At the event, Chief Financial Officer Johanna Escobar told the Bronx Times that AG Holdings is a relatively new firm, founded about five years ago, and got off to a quick start.
The company has put up buildings in Westchester and the Bronx, with plans to expand elsewhere in NYC, and now handles every aspect of development, from architecture to property management.
“We have control of quality of service we provide for our buildings,” Escobar said.
She said the East 198th Street properties have no tenants yet, as the firm awaits certificates of occupancy, which are expected this month. From there, the units will be listed on the city’s Housing Connect lottery, where Escobar said she expects them to fill up quickly, with most tenants, if not all, using CityFHEPS or other rental assistance.
Even as she spoke with the Bronx Times, two nearby residents stopped to ask how to apply for the new units, and several wrote their contact information on a sign-up sheet near the food line.
Andrea Gjini, founder of AG Holdings Group, told the Bronx Times the day marked “a milestone for our company” as the East 198th Street buildings are the largest in his portfolio thus far.
Gjini said he immigrated to the United States from Albania eight years ago, at age 23. His family had a property development business in their home country, and as an immigrant, Gjini said he has set out to harness the energy of New York City. “I saw the opportunity, and I feel the energy that I can do great.”
Gjini said lives by two rules. First, “If something is easy, I don’t do it.” Second, “Do things right now” — a mindset fitting the housing crisis, he said.
He said he immediately set out to build connections in the Bronx and learn what communities need and want. His company has a nine-story building nearing completion in Crotona and another project just getting underway in Riverdale.
“We’re feeling very comfortable that it’s time for the Bronx,” Gjini said.
During his speech to attendees, he said that “delivering what we promised is the most important thing.”
Gjini described his family as middle-class and hardworking, which helped him understand the needs of Bronx neighborhoods.
“We need to work with the working people,” he said. “Every society that has a strong middle class is on the rise and will be successful in the future.”
Gibson said the new buildings will transform the block at a time when Bronxites of all ages struggle to find housing that is both safe and affordable.
Many residents have been priced out of the borough, but “Every new affordable home that is created here in the Bronx helps to ensure that the borough of our Bronx remains a place where families can truly build a future together,” Gibson said.
She praised AG Holdings for creating homes as well as local jobs and investing in women- and minority-owned businesses along the way. Gibson also applauded the Mamdani administration for being “dedicated to building responsible housing that makes sure everyone has an opportunity.”
“Thank you for believing in what our borough can produce,” Gibson said.
Reach Emily Swanson at eswanson@schnepsmedia.com or (646) 717-0015. For more coverage, subscribe to our newsletter and follow us on Twitter, Facebook and Instagram!
