Andrea Gjini pays $11.5M to Michael Ashkenazy, Agus Holdings for 99-unit dev site in Kingsbridge

Andrea Gjini through the entity North Bx Associates LLC paid $11.5 million to Michael Ashkenazy’s 101 Holdings and Agus Holdings through the entity 101 H 230th & Broadway LLC for the retail building (K1) at 205 West 230th Street in Kingsbridge, Bronx. The expected use ground up development.

On the lot, there is one active new building construction project, X01201390, for a 99-unit, 68,682 square-foot R-2 building. The project was submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed March 31, 2025 and it has not been permitted yet.
The deal closed on May 20, 2025 and was recorded on June 10, 2025. The property has 8,215 square feet of built space and 34,809 square feet of additional air rights for a total buildable of 42,938 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,399 and the price per buildable square foot is $267 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 seller bought the property on September 6, 2017, for $7 million. The signatory for 101 Holdings and Agus Holdings was Michael Ashkenazy and Joshua Agus . The signatory for Andrea Gjini was Andrea Gjini. The contract date was May 20, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Andrea Gjini had purchased any other properties and sold one property in one transaction for a total of $4.7 million over the past 24 months.
The seller 101 Holdings had not purchased any other properties and sold two properties in two transactions for a total of $16.3 million over the same time period. The 8,215-square-foot property generated revenue of $318,441 or $39 per square foot, according to the most recent income and expense figures.

The property

The retail building in Kingsbridge has 8,215 square feet of built space and 34,809 square feet of additional air rights for a total buildable of 42,938 square feet according to a PincusCo analysis of city data. The parcel has frontage of 155 feet and is 114 feet deep with a total lot size of 17,670 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.7 million. The most recent loan totaled $9.9 million and was provided by Signature Bank on July 9, 2021.

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 $11,740 in OATH penalties in the last year.

The neighborhood

In Kingsbridge, The bulk, or 32 percent of the 6.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 29 percent of the space. In sales, Kingsbridge has the 26th highest sale turnover among other neighborhoods in Bronx with $41.5 million in sales volume in the last two years. For development, Kingsbridge has had very little major development activity relative to other neighborhoods.It had 484,894 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the five commercial properties representing 67,393 square feet of the 79,693 square feet. The largest owner is Cactus Holdings, followed by Andrea Gjini and then Mark Drakotos.
On the tax block, there were two new building construction projects totaling 113,354 square feet. The largest is a 99-unit, 68,682 square-foot residential (R-2) building submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed March 31, 2025 and it has not been permitted yet. The second largest is a 65-unit, 44,672 square-foot residential (R-2) building submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed March 31, 2025 and it has not been permitted yet.

The majority, or 58 percent of the 79,693 square feet of built space are elevator buildings, with retail buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Agus Holdings owned at least three commercial properties in New York City with 35,201 square feet and a city-determined market value of $7.9 million. (Market value is typically about 50% of actual value.) The portfolio has $10.1 million in debt, borrowed from Webster Bank. Within the portfolio, the bulk, or 100 percent of the 35,201 square feet of built space are mixed-use properties, with industrial properties next occupying 0 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Andrea Gjini owned at least two commercial properties with two residential units in New York City with 11,413 square feet and a city-determined market value of $2.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 72 percent of the 11,413 square feet of built space are retail properties, with B2 properties next occupying 28 percent of the space. They are all located in Bronx.

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