Shloime Iliovits pays $3.3M to Gazivoda Realty for new 8-unit rental in Norwood

Shloime Iliovits through the entity Hull Equity Holdings LLC paid $3.3 million to Gazivoda Realty through the entity 3052 Hull Avenue LLC for the newly built eight-unit walkup at 3052 Hull Avenue in Norwood, Bronx. The expected use is cash flowing.
On the lot, there was one active new building construction project, X00523954, for an eight-unit, 5,119 square-foot R-2 building. The project was submitted by Zef Perpepaj with plans filed June 30, 2021 and permitted July 26, 2023.
The deal closed on January 22, 2025 and was recorded on January 29, 2025. The property has 5,119 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $645 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 March 31, 2023, for $670,000. The signatory for Gazivoda Realty was Sergio Cavalli. The signatory for Shloime Iliovits was Shloime Iliovits. The contract date was March 12, 2024. Alfred Popaj of Gazivoda signed an earlier loan for the Gazivoda entity.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Shloime Iliovits purchased one property in one transaction for a total of $2.4 million and has no record it sold any properties over the past 24 months.
The seller Gazivoda Realty purchased one property in one transaction for a total of $3 million and had not sold any properties over the same time period.

The property

The parcel has frontage of 26 feet and is 110 feet deep with a total lot size of 2,933 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $165,000.

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 not received any significant violations in the last year.

The neighborhood

In Norwood, The bulk, or 48 percent of the 17.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Norwood has the 31st highest sale turnover among other neighborhoods in Bronx with $27 million in sales volume in the last two years. For development, Norwood has had very little major development activity relative to other neighborhoods.It had 269,578 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 15 commercial properties representing 280,088 square feet of the 445,756 square feet. The largest owner is Djavid Raci, followed by Ranger Management and then Related Companies.
On the tax block, there was one new building construction project filed totaling 2,568 square feet. It is a eight-unit, 2,568 square-foot residential (R-2) building submitted by Zef Perpepaj with plans filed June 30, 2021 and permitted July 26, 2023.

The majority, or 62 percent of the 445,756 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Gazivoda Realty owned at least one commercial property with 26 residential units in New York City with 23,185 square feet and a city-determined market value of $1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Bronx.

The buyer

The PincusCo database currently indicates that Shloime Iliovits owned at least one commercial property with four residential units in New York City with 2,520 square feet and a city-determined market value of $359,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single C3 property. It is located in Brooklyn.

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