Gazivoda Realty pays $5.8M for 52-unit rental in Norwood

Gazivoda Realty through the entity 323 E Gun Hill Realty LLC paid $5.8 million to Vito Manginelli through the entity 323 East Gun Hill LLC for the 52-unit residential elevator building (D7) at 323 East Gun Hill Road in Norwood, Bronx. The expected use is cash flowing.
The deal closed on June 25, 2025 and was recorded on July 3, 2025. The property has 67,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $85 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 seller bought the property on November 10, 2005, for $5.7 million. The signatory for Vito Manginelli was Steven Kaplan . The signatory for Gazivoda Realty was Angela Gazivoda . The contract date was April 21, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Gazivoda Realty purchased one property in one transaction for a total of $4.5 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 two properties in two transactions for a total of $7.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Rosa Ferraro, head officer and Casildo Argramonte, site manager. The business entities are Appula Mgmt Corp and 323 East Gun Hill Llc. The 67,500-square-foot property generated revenue of $1 million or $15 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 52 residential units in Norwood has 67,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 12,500 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 $3.6 million. The property has 53 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 $1,250 in ECB penalties, 48 housing violations, and $2,200 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 15 of the 29 commercial properties representing 866,543 square feet of the 1,398,872 square feet. The largest owner is City Of New York, followed by Rivky Brach and then Eric Miller.
On the tax block, there were two new building construction projects totaling 95,608 square feet. The largest is a 88-unit, 73,121 square-foot residential (R-2) building submitted by Yoel Landau with plans filed April 8, 2022 and permitted December 13, 2024. The second largest is a 56-unit, 22,487 square-foot hotel/dormitory/shelter (R-1) building submitted by Kaushik Patel with plans filed December 2, 2019 and it has not been permitted yet.

The majority, or 79 percent of the 1.4 million square feet of built space are elevator buildings, with specialty buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that Gazivoda Realty owned at least two commercial properties with 71 residential units in New York City with 60,155 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Bronx.

Direct link to Acris document. link