Vincens Gjonaj pays $10M for 2 rentals in Norwood

Vincens Gjonaj paid $10 million to Matthew Bloomfield for two rental properties located a block apart in Norwood, the Bronx, in two transactions.

In the first, Vincens Gjonaj through the entity Mosholu Partners III LLC paid $5.7 million to Matthew Bloomfield through the entity 53 Hc LLC for the 66-unit residential walkup building (C1) at 375 East Mosholu Parkway North in Norwood, Bronx. The expected use is cash flowing.
The property has 62,118 square feet of built space and 3,960 square feet of additional air rights for a total buildable of 66,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $91 and the price per buildable square foot is $86 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 property a block to the south, Vincens Gjonaj through the entity Mosholu Partners I LLC paid $4.3 million to Matthew Bloomfield through the entity 47 Hc LLC for the 37-unit residential elevator building (D1) at 391 East Mosholu Parkway North in Norwood, Bronx. The expected use is cash flowing.
The property has 36,540 square feet of built space for a total buildable of 36,540 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $117 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 deals closed on February 12, 2025 and were recorded on February 21, 2025. The signatory for Matthew Bloomfield was Matthew Bloomfield. The signatory for Vincens Gjonaj was Vincens Gjonaj. Both contracts were dated September 30, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Vincens Gjonaj purchased one property in one transaction for a total of $15.7 million and has no record it sold any properties over the past 24 months.
The seller Matthew Bloomfield had not purchased any other properties and sold one property in one transaction for a total of $8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Matthew Bloomfield, head officer and Liliana Yunga, agent. The business entities are 53 Hc Llc and 53 Hc Llc.

The property

The residential walkup building with 66 residential units in Norwood has 62,118 square feet of built space and 3,960 square feet of additional air rights for a total buildable of 66,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 119 feet and is 150 feet deep with a total lot size of 16,500 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.8 million. The property has 65 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 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of eight 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 buyer

The PincusCo database currently indicates that Vincens Gjonaj owned at least six commercial properties with 493 residential units in New York City with 469,459 square feet and a city-determined market value of $24.9 million. (Market value is typically about 50% of actual value.) The portfolio has $35.9 million in debt, with top three lenders as New York Community Bank, Peapack-Gladstone Bank, and Arbor Realty Trust respectively. Within the portfolio, all identified are elevator properties. They are all located in Bronx.

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