Aaron Hakimian pays $3.6M for office in Tompkinsville

Aaron Hakimian through the entity Bay Street BH LLC paid $3.6 million to Gary Angiuli through the entity 340 Bay LLC for the office building (O1) at 340 Bay Street in Tompkinsville, Staten Island. The expected use is cash flowing.
The deal closed on June 4, 2024 and was recorded on July 31, 2024. The property has 12,600 square feet of built space and 28,603 square feet of additional air rights for a total buildable of 41,127 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $285 and the price per buildable square foot is $87 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 Gary Angiuli was Gary Angiuli. The signatory for Aaron Hakimian was Aaron Hakimian. The contract date was February 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aaron Hakimian had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gary Angiuli had not purchased any other properties and sold one properties in one transactions for a total of $3.2 million over the same time period.

The property

The office building in Tompkinsville has 12,600 square feet of built space and 28,603 square feet of additional air rights for a total buildable of 41,127 square feet according to a PincusCo analysis of city data. The parcel has frontage of 203 feet and is 58 feet deep with a total lot size of 16,925 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 $2.9 million.

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 one of the two commercial properties representing 65,934 square feet of the 78,534 square feet. The identified owner is Paradigm Management.
There are no active new building construction projects on this tax block.

The majority, or 84 percent of the 78,534 square feet of built space are mixed-use buildings, with office buildings next occupying 16 percent of the space.

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