Gazivoda Realty pays $5.2M for 56-unit rental in Norwood

Gazivoda Realty through the entity 3209 Decatur Realty LLC paid $5.2 million to Vito Manginelli through the entity 3209 Decatur LLC for the 56-unit residential elevator building (D1) at 3209 Decatur Avenue in Norwood, Bronx. The expected use is cash flowing.
The deal closed on September 29, 2025 and was recorded on October 3, 2025. The property has 71,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $73 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 Vito Manginelli was Steven Kaplan . The signatory for Gazivoda Realty was Valentin Djonovic. The contract date was July 2, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Gazivoda Realty purchased three properties in three transactions for a total of $13.5 million and sold one property in one transaction for a total of $3.3 million over the past 24 months.
The seller Vito Manginelli had not purchased any other properties and sold four properties in four transactions for a total of $16.6 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Rosa Ferraro, head officer and Michael Lucero, site manager. The business entities are Appula Mgmt Corp and 3209 Decatur Llc. The 71,400-square-foot property generated revenue of $932,592 or $13 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 56 residential units in Norwood has 71,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 100 feet deep with a total lot size of 15,000 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.6 million. The property has 56 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 49 housing violations, $50 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 one of the nine commercial properties representing 28,000 square feet of the 288,845 square feet. The identified owner is Nick Palushaj.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 288,845 square feet of built space are walkup buildings, with elevator buildings next occupying 42 percent of the space.

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