Walter Wilfinger pays $4.6M for 65-unit rental in Kingsbridge Heights

Walter Wilfinger through the entity Qtl Realty LLC paid $4.6 million to Roseann Manginelli through the entity 2825 Heath Realty LLC for the 65-unit residential elevator building (D1) at 2834 Heath Avenue in Kingsbridge Heights, Bronx. The expected use is cash flowing.
The deal closed on November 13, 2025 and was recorded on November 25, 2025. The property has 68,448 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $66 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 July 8, 2008, for $6 million. The signatory for Roseann Manginelli was Roseann Manginelli. The signatory for Walter Wilfinger was Walter Wilfinger. The contract date was September 16, 2025. The property had $5.2 million in debt in 2022., which was $4,787,160 at the time of the sale.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Walter Wilfinger purchased two properties in two transactions for a total of $15.9 million and sold one property in one transaction for a total of $3 million over the past 24 months.
The seller Roseann Manginelli had not purchased any other properties and sold one property in one transaction for a total of $4.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Rosa Ferraro, head officer and Rina Manginelli, agent. The business entities are Appula Mgmt Corp and 2834 Heath Realty Llc. The 68,448-square-foot property generated revenue of $882,827 or $13 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 65 residential units in Kingsbridge Heights has 68,448 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 118 feet deep with a total lot size of 19,500 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.2 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 received 53 housing violations and $150 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 11 of the 18 commercial properties representing 551,849 square feet of the 787,041 square feet. The largest owner is Finkelstein Timberger East Real Estate, followed by Ved Parkash and then Paulin Durgaj.
On the tax block, there were six new building construction projects totaling 81,536 square feet. The largest is a 37-unit, 25,841 square-foot residential (R-2) building submitted by Paul Durgaj and filed by Paul Durgaj with plans filed January 31, 2022 and permitted August 8, 2023. The second largest is a 29-unit, 19,696 square-foot residential (R-2) building submitted by Leonard Bujaj with plans filed May 12, 2025 and it has not been permitted yet.

The majority, or 74 percent of the 787,041 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Walter Wilfinger owned at least five commercial properties with 401 residential units in New York City with 496,360 square feet and a city-determined market value of $25.1 million. (Market value is typically about 50% of actual value.) The portfolio has $37.9 million in debt, borrowed from Ridgewood Savings Bank and First National Bank of Long Island. Within the portfolio, the bulk, or 80 percent of the 496,360 square feet of built space are elevator properties, with walkup properties next occupying 20 percent of the space. They are all located in Bronx.

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