$1.2B market cap charging station company EVgo pays $5.3M for retail in Bay Ridge

The $1.2 billion public company EVgo through the entity 9201 5th Ave LLC paid $5.3 million to David Podolsky through the entity 9201 Fifth LLC for the retail building (K5) at 9201 5th Avenue in Bay Ridge, Brooklyn. EVgo is an electric vehicle DC fast charging station network.

This is EVgo’s first purchase in New York City, according to PincusCo analysis of city records.
The deal closed on December 7, 2022 and was recorded on December 20, 2022. The property has 1,430 square feet of built space and 19,423 square feet of additional air rights for a total buildable of 20,886 square feet according to PincusCo analysis of city data. The sale price per built square foot is $3,706 and the price per buildable square foot is $253 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 10, 2018, for $4.5 million. The signatory for David Podolsky was Abraham Podolsky. The signatory for EVgo was Lea Ann Molineux.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer EVgo had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller David Podolsky purchased one property in one transaction for a total of $10.4 million and had not sold any properties over the same time period. The 1,430-square-foot property generated revenue of $194,890 or $136 per square foot, according to the most recent income and expense figures.

The property

The 9201 5th Avenue parcel has frontage of 89 feet and is 116 feet deep with a total lot size of 10,443 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 $1.2 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 received $7,000 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for a 19,960 square-foot B building. The project was developed by David Podolsky with plans filed July 25, 2019 and it has not been permitted yet.

The neighborhood

In Bay Ridge, the bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has 1.7 times the average sales volume among other neighborhoods with $597.4 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 271,062 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 19,960 square feet. It is a zero-unit, 19,960-square-foot B building developed by David Podolsky with plans filed July 25, 2019 and it has not been permitted yet.

The majority, or 66 percent of the 99,887 square feet of built space are walkup buildings, with mixed-use buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that David Podolsky owned at least one commercial property in New York City with 10,000 square feet and a city-determined market value of $3.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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