Walter Wilfinger pays $4M to Annal Management for 68-unit rental elevator in Concourse Village

Walter Wilfinger through the entity Hwy Realty LLC paid $4 million to Annal Management through the entity H & H Equities II, Inc. for the 68-unit residential elevator building (D1) at 1181 Sheridan Avenue in Concourse Village, Bronx. The expected use is cash flowing.
The deal closed on April 30, 2026 and was recorded on May 13, 2026. The property has 72,276 square feet of built space and 28,913 square feet of additional air rights for a total buildable of 101,196 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $54 and the price per buildable square foot is $39 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 Annal Management was Aida Spitzer . The signatory for Walter Wilfinger was Walter Wilfinger. The contract date was February 25, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Walter Wilfinger purchased two properties in two transactions for a total of $9 million and sold one property in one transaction for a total of $3 million over the past 24 months.
The seller Annal Management had not purchased any other properties and sold six properties in six transactions for a total of $24.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Howard Alkoff, head officer and Gary Perlow, officer. The business entities are Annal Management Co., Ltd. and H & H Equities II Inc. The 72,276-square-foot property generated revenue of $947,854 or $13 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 68 residential units in Concourse Village has 72,276 square feet of built space and 28,913 square feet of additional air rights for a total buildable of 101,196 square feet according to a PincusCo analysis of city data. The parcel has frontage of 132 feet and is 120 feet deep with a total lot size of 16,810 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 million. The property has 68 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 12 housing violations and $50 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 25 of the 38 commercial properties representing 1,216,081 square feet of the 1,760,955 square feet. The largest owner is City of New York, followed by Shimon Greisman and then Eric Miller.
On the tax block, there was one new building construction project filed totaling 33,274 square feet. It is a two-unit, 33,274 square-foot assembly (A-3) building submitted by Amara Kenneh with plans filed August 16, 2022 and permitted February 16, 2024.

The majority, or 48 percent of the 1.8 million square feet of built space are elevator buildings, with walkup buildings next occupying 45 percent of the space.

The buyer

The PincusCo database currently indicates that Walter Wilfinger owned at least six commercial properties with 466 residential units in New York City with 564,808 square feet and a PincusCo-determined asset value of $61.4 million. The portfolio has $41 million in debt, with top three lenders as Ridgewood Savings Bank, First National Bank of Long Island, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 82 percent of the 564,808 square feet of built space are elevator properties, with walkup properties next occupying 17 percent of the space.

Direct link to Acris document. link