Angela Gazivoda pays $7.8M to Lemle & Wolff for three Bronx walkups

Angela Gazivoda paid $7.8 million to Lemle & Wolff Companies for three residential walkup properties in the Bronx, at 2078 Morris Avenue, 1812 Harrison Avenue and 1 East Tremont Avenue with a total of 105 residential units.

In the first, Angela Gazivoda through the entity 2078 Morris LLC paid $5.3 million to Lemle & Wolff Companies through the entity Lemle Realty Corporation for the 72-unit residential walkup building (C1) at 2078 Morris Avenue in Fordham Heights, Bronx.
The deal closed on January 4, 2024 and was recorded on January 17, 2024. The property has 59,400 square feet of built space and 56,399 square feet of additional air rights for a total buildable of 115,878 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $89 and the price per buildable square foot is $45 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 Lemle & Wolff Companies was Mark M. Altschul. The signatory for Angela Gazivoda was Angela Gazivoda. The contract date was October 4, 2023.

In the second, Angela Gazivoda through the entity 1812 Harrison LLC paid $1.3 million to Lemle & Wolff Companies through the entity Lemle Realty Corporation for the 21-unit residential walkup building (C1) at 1812 Harrison Avenue in Morris Heights, Bronx. The deal closed on January 4, 2024 and was recorded on January 16, 2024. The property has 17,800 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $75 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 Lemle & Wolff Companies was Mark M. Altschul. The signatory for Angela Gazivoda was Angela Gazivoda. The contract date was October 4, 2023.

In the third, Angela Gazivoda through the entity 1 E Tremont LLC paid $1.2 million to Lemle & Wolff Companies through the entity Lemle Realty Corporation for the 12-unit residential walkup building (C7) at 1 East Tremont Avenue in Mt Hope, Bronx. The deal closed on January 4, 2024 and was recorded on January 16, 2024. The property has 15,347 square feet of built space and 4,911 square feet of additional air rights for a total buildable of 20,251 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $75 and the price per buildable square foot is $57 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.)

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Angela Gazivoda purchased five properties in five transactions for a total of $19.4 million and has no record it sold any properties over the past 24 months.
The seller Lemle & Wolff Companies purchased four properties in one transactions for a total of $10.4 million and sold 12 properties in three transactions for a total of $14.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Zitolo, head officer and Andrew Kleiman, site manager. The business entity is Lemle Realty Corp.

The property

The residential walkup building with 72 residential units in Fordham Heights has 59,400 square feet of built space and 56,399 square feet of additional air rights for a total buildable of 115,878 square feet according to a PincusCo analysis of city data. The parcel has frontage of 177 feet and is 100 feet deep with a total lot size of 19,249 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 2003 and expires in 2037. The city-designated market value for the property in 2022 is $2.4 million.

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 36 housing violations, $650 in OATH penalties, and one housing litigation 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 eight of the 12 commercial properties representing 375,160 square feet of the 510,729 square feet. The largest owner is Vanbarton Group, followed by Lemle & Wolff and then John Larocca.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 510,729 square feet of built space are elevator buildings, with walkup buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Lemle & Wolff Companies owned at least 12 commercial properties with 344 residential units in New York City with 342,923 square feet and a city-determined market value of $18.8 million. (Market value is typically about 50% of actual value.) The portfolio has $54.7 million in debt, borrowed from Bank of New York Mellon and NYC Housing Development Corporation. Within the portfolio, the bulk, or 52 percent of the 342,923 square feet of built space are walkup properties, with elevator properties next occupying 48 percent of the space. The bulk, or 95 percent of the built space, is in Bronx, with Manhattan next at 5 percent of the space.

The buyer

The PincusCo database currently indicates that Angela Gazivoda owned at least eight commercial properties with 322 residential units in New York City with 307,371 square feet and a city-determined market value of $13.1 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 75 percent of the 307,371 square feet of built space are elevator properties, with walkup properties next occupying 25 percent of the space. The bulk, or 93 percent of the built space, is in Bronx, with Manhattan next at 7 percent of the space.

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