Gazivoda Realty pays $3.4M to Annal Management for residential elevator in Mt Hope

Gazivoda Realty through the entity 1915 Morris LLC paid $3.4 million to Annal Management through the entity 1915 Morris Avenue Corp. for the 55-unit residential elevator building (D1) at 1915 Morris Avenue in Mt Hope, Bronx. The expected use is cash flowing.
The deal closed on April 15, 2026 and was recorded on April 20, 2026. The property has 57,000 square feet of built space and 18,900 square feet of additional air rights for a total buildable of 75,852 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $60 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 Annal Management was Amy Chasin . The signatory for Gazivoda Realty was Angela Gazivoda . The contract date was February 4, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Gazivoda Realty purchased six properties in six transactions for a total of $27.6 million and sold one property in one transaction for a total of $3.3 million over the past 24 months.
The seller Annal Management 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 Howard Alkoff, head officer and Amy Chasin, officer. The business entities are Annal Management Co., Ltd, and 1915 Morris Ave Corp. The 57,000-square-foot property generated revenue of $923,745 or $16 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 55 residential units in Mt Hope has 57,000 square feet of built space and 18,900 square feet of additional air rights for a total buildable of 75,852 square feet according to a PincusCo analysis of city data. The parcel has frontage of 143 feet and is 135 feet deep with a total lot size of 12,600 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 city-designated market value for the property in 2022 is $3.4 million. The property has 55 rent regulated units according to city tax records from 2023.

Transaction Participants

Valentin Djonovic at Valentin Djonovic And Associates, PLLC participated in the transaction on behalf of the buyer.

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 eight housing violations and $80 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 four of the 11 commercial properties representing 117,850 square feet of the 262,581 square feet. The largest owner is Morris Weinberg, followed by Fordham Bedford Housing Corporation and then Joel Waldman.
On the tax block, there was one new building construction project filed totaling 50,520 square feet. It is a 81-unit, 50,520 square-foot residential (R-2) building submitted by Mike Schwartz and filed by Mike Schwartz with plans filed April 14, 2022 and permitted May 31, 2022.

The majority, or 61 percent of the 262,581 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.

The buyer

The PincusCo database currently indicates that Gazivoda Realty owned at least seven commercial properties with 342 residential units in New York City with 345,321 square feet and a city-determined market value of $31.1 million. (Market value is typically about 50% of actual value.) The portfolio has $6.8 million in debt, borrowed from JPMorgan Chase. Within the portfolio, the bulk, or 70 percent of the 345,321 square feet of built space are elevator properties, with walkup properties next occupying 29 percent of the space.

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