Palja Gazivoda pays $9M to Role Realty for two rentals in Bronx
Palja Gazivoda paid $9 million to Role Realty Management for two elevator buildings in the Bronx in two separate transactions.
In the first, Palja Gazivoda through the entity 1475 Wythe Place LLC paid $4.5 million to Role Realty Management through the entity Marwyte 1475 LLC for the 73-unit residential elevator building (D1) at 1475 Wythe Place in Mt Eden, Bronx. The expected use is cash flowing.
The deal closed on March 1, 2025 and was recorded on March 14, 2025. The property has 75,594 square feet of built space and 29,750 square feet of additional air rights for a total buildable of 105,350 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $59 and the price per buildable square foot is $42 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.)
In the second, Palja Gazivoda through the entity 1801 Weeks Avenue Corp. paid $4.5 million to Role Realty Management through the entity Den-Lyn Realty Corp. for the 60-unit residential elevator building (D1) at 1930 Anthony Avenue in Mt Hope, Bronx. The expected use is cash flowing.
The deal closed on March 1, 2025 and was recorded on March 14, 2025. The property has 66,000 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $68 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 Role Realty Management was Ira Mack. The signatory for Palja Gazivoda was Palja Gazivoda. The contract date was January 29, 2025.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Palja Gazivoda had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Role Realty 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 Ira Mack, head officer and Jessica Rivera, officer. The business entity is Marwyte Realty Assoc. The 75,594-square-foot property generated revenue of $831,452 or $11 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 73 residential units in Mt Eden has 75,594 square feet of built space and 29,750 square feet of additional air rights for a total buildable of 105,350 square feet according to a PincusCo analysis of city data. The parcel has frontage of 175 feet and is 100 feet deep with a total lot size of 17,500 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 1991 and expires in 2025. The city-designated market value for the property in 2022 is $1.6 million. The property has 69 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 four DOB violations, $5,625 in ECB penalties, 144 housing violations, and $6,675 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 seven of the 19 commercial properties representing 380,034 square feet of the 815,113 square feet. The largest owner is Matthew Schmelzer, followed by Karl Ashmawy and then Blackshore Realty Group.
There are no active new building construction projects on this tax block.
The majority, or 84 percent of the 815,113 square feet of built space are elevator buildings, with walkup buildings next occupying 11 percent of the space.
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