Victor Gjonaj pays $10.2M to Andrew Goldberg for residential elevator in Norwood

Victor Gjonaj through the entity 245 East Gun Hill LLC paid $10.2 million to Andrew Goldberg through the entity Leewood Management Company LLC for the 67-unit residential elevator building (D7) at 245 East Gun Hill Road in Norwood, Bronx.
The deal closed on August 10, 2022 and was recorded on August 25, 2022. The property has 87,606 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $116 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 Andrew Goldberg was Andrew Goldberg. The signatory for Victor Gjonaj was Victor Gjonaj.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Victor Gjonaj had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Andrew Goldberg had not purchased any other properties and sold one property in one transaction for a total of $12 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Richard Goldberg, head officer and Andrew Goldberg, officer. The business entities are Woods Management Company and Leewood Management Co Llc. The 87,606-square-foot property generated revenue of $1.1 million or $12 per square foot, according to the most recent income and expense figures.

The property

The 245 East Gun Hill Road parcel has frontage of 157 feet and is 133 feet deep with a total lot size of 17,558 square feet. The lot is irregular. 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 $2.3 million.

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 not received any significant violations in the last year.

Development

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 seven of the 22 commercial properties representing 308,596 square feet of the 689,153 square feet. The largest owner is Ved Parkash, followed by Toporovsky Realty Group and then Morgan Group.
There is one active new building construction project totaling 17,189 square feet. It is a 24-unit, 17,189-square-foot R-2 building developed by Peter Persaud with plans filed October 16, 2018 and permitted December 24, 2019.

the majority, or 54 percent of the 689,153 square feet of built space are elevator buildings, with specialty buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that Victor Gjonaj owned at least three commercial properties in New York City with 156,216 square feet and a city-determined market value of $5.7 million. (Market value is typically about 50% of actual value.) The portfolio has $19.9 million in debt, borrowed from Ridgewood Savings Bank. Within the portfolio, the bulk, or 51 percent of the 156,216 square feet of built space are walkup properties, with elevator properties next occupying 49 percent of the space. They are all located in Bronx.

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