Israel Gold pays $6M to Gazivoda Realty for residential elevator in Claremont Village

Israel Gold through the entity 1329 Morris Management LLC paid $6 million to Gazivoda Realty through the entity 1329 Morris Avenue LLC for the 21-unit residential elevator building (D1) at 1329 Morris Avenue in Claremont Village, Bronx.
The deal closed on November 22, 2022 and was recorded on December 8, 2022. The property has 16,754 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $361 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 Gazivoda Realty was Alfred Popaj. The signatory for Israel Gold was Israel Gold.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Israel Gold purchased one property in one transaction for a total of $3.4 million and has no record it sold any properties over the past 24 months.
The seller Gazivoda Realty had not purchased any other properties and had not sold any properties over the same time period.

The property

The 1329 Morris Avenue parcel has frontage of 36 feet and is 100 feet deep with a total lot size of 3,600 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 $322,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation and $2,080 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on June 7, 2022. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the 10 commercial properties representing 105,799 square feet of the 171,557 square feet. The two identified owners are Arker Companies and Prana Investments.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 171,557 square feet of built space are elevator buildings, with walkup buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Israel Gold owned at least five commercial properties in New York City with 42,302 square feet and a city-determined market value of $7 million. (Market value is typically about 50% of actual value.) The portfolio has $5.1 million in debt, borrowed from Popular Bank. Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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