Angela Gazivoda pays $5.3M for 77-unit rental in Norwood

Angela Gazivoda through the entity 3551 Dekalb Realty LLC paid $5.3 million to Robert H. Goss and Frederick Gordon through the entity 3551 Dekalb Ave LLC for the 77-unit residential elevator building (D1) at 3551 Dekalb Avenue in Norwood, Bronx. The expected use is cash flowing.
The deal closed on April 24, 2025 and was recorded on May 13, 2025. The property has 88,200 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $59 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 Robert H. Goss and Frederick Gordon was Robert H. Goss and Frederick Gordon. The signatory for Angela Gazivoda was Angela Gazivoda. The contract date was March 11, 2025.
The Gazivoda-affiliated lender ASG Funding provided a $3.7 million acquisition loan.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Angela Gazivoda purchased eight properties in eight transactions for a total of $21.6 million and has no record it sold any properties over the past 24 months.
The seller Robert H. Goss had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Frederick Gordon, head officer and Carroll Singer, officer. The business entity is 3551 Realty Co. The 88,200-square-foot property generated revenue of $1.1 million or $12 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 77 residential units in Norwood has 88,200 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 100 feet deep with a total lot size of 17,500 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 1994 and expires in 2028. The city-designated market value for the property in 2022 is $3.8 million. The property has 77 rent regulated units according to city tax records from 2023.

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 five DOB violations, $16,280 in ECB penalties, 128 housing violations, $21,490 in OATH penalties, and two housing litigations 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 block

On this tax block, PincusCo has identified the owners of 18 of the 38 commercial properties representing 913,312 square feet of the 1,479,547 square feet. The largest owner is Hysen Mehmetaj, followed by Sheila Mcgrath and then Edward Ostad.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 1.5 million square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

The seller

The PincusCo database currently indicates that Frederick Gordon owned at least one commercial property with 77 residential units in New York City with 88,200 square feet and a city-determined market value of $4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Bronx.

The buyer

The PincusCo database currently indicates that Angela Gazivoda owned at least 12 commercial properties with 504 residential units in New York City with 473,973 square feet and a city-determined market value of $19.2 million. (Market value is typically about 50% of actual value.) The portfolio has $14.8 million in debt, borrowed from Ridgewood Savings Bank and Peapack-Gladstone Bank. Within the portfolio, the bulk, or 58 percent of the 473,973 square feet of built space are elevator properties, with walkup properties next occupying 42 percent of the space. The bulk, or 96 percent of the built space, is in Bronx, with Manhattan next at 4 percent of the space.

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