Isidoros Sfikas pays $7.5M to EDS Management for 85-unit rental in Westchester Square

Isidoros Sfikas through the entity MK Farmington Realty Corp. paid $7.5 million to EDS Management Corp through the entity 1776 Castle Hill Apt. Owners, LLC for the 85-unit residential elevator building (D1) at 1776 Castle Hill Avenue in Westchester Square, Bronx. The expected use is cash flowing.
The deal closed on August 1, 2025 and was recorded on August 12, 2025. The property has 78,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $96 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 EDS Management Corp was a third-party attorney David R. Mashaal . The signatory for Isidoros Sfikas was Isidoros Sfikas. The contract date was November 25, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Isidoros Sfikas purchased one property in one transaction for a total of $9 million and has no record it sold any properties over the past 24 months.
The seller EDS Management Corp 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 Rochelle Hafkinberger, head officer and Austen Rabbie, agent. The business entities are Livingston Management Services and 1776 Castle Hill Apt Owners Llc. The 78,000-square-foot property generated revenue of $1.6 million or $21 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 85 residential units in Westchester Square has 78,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 116 feet deep with a total lot size of 19,800 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.2 million. The most recent loan totaled $6 million and was provided by JPMorgan Chase on January 14, 2022. The property has 80 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 $620 in ECB penalties, 85 housing violations, and $720 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 one of the three commercial properties representing 78,000 square feet of the 120,373 square feet. The identified owner is Isidoros Sfikas.
There are no active new building construction projects on this tax block.

The majority, or 65 percent of the 120,373 square feet of built space are elevator buildings, with walkup buildings next occupying 34 percent of the space.

The buyer

The PincusCo database currently indicates that Isidoros Sfikas owned at least 10 commercial properties with 699 residential units in New York City with 632,135 square feet and a city-determined market value of $39.2 million. (Market value is typically about 50% of actual value.) The portfolio has $52.8 million in debt, borrowed from JPMorgan Chase and Berkadia Commercial Mortgage. Within the portfolio, the bulk, or 96 percent of the 632,135 square feet of built space are elevator properties, with walkup properties next occupying 4 percent of the space. The bulk, or 80 percent of the built space, is in Bronx, with Manhattan next at 20 percent of the space.

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