Esat Gashi pays $2M for 21-unit walkup in Norwood

Esat Gashi through the entity 96 East 208th Owners, LLC paid $2 million through an estate sale to Zef Dedaj and the estate of Pashko Dedaj through the entity G.N.Z. Holdings, LLC for the 21-unit residential walkup building (C1) at 96 East 208th Street in Norwood, Bronx. The expected use is cash flowing.
The deal closed on July 24, 2024 and was recorded on August 5, 2024. The property has 21,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $95 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 Zef Dedaj and Pashko Dedaj was Zef Dedaj. The signatory for Esat Gashi was Esat Gashi. The contract date was April 19, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Esat Gashi purchased two properties in two transactions for a total of $4.8 million and has no record it sold any properties over the past 24 months.
The seller Zef Dedaj had not purchased any other properties and sold one property in one transaction for a total of $3 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Zef Dedaj, head officer. The business entity is Gnz Holdings Llc. The 21,000-square-foot property generated revenue of $290,982 or $14 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 21 residential units in Norwood has 21,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $748,000.

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 17 housing violations and $600 in OATH penalties 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 12 of the 40 commercial properties representing 582,096 square feet of the 1,003,401 square feet. The largest owner is Adam Joseph Benjamin, followed by Bruce Bozeman and then Deanna Joy.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 1 million square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Zef Dedaj owned at least one commercial property with 21 residential units in New York City with 21,000 square feet and a city-determined market value of $748,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Bronx.

The buyer

The PincusCo database currently indicates that Esat Gashi owned at least four commercial properties with 110 residential units in New York City with 119,415 square feet and a city-determined market value of $5.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 76 percent of the 119,415 square feet of built space are walkup properties, with elevator properties next occupying 24 percent of the space. They are all located in Bronx.

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