Agree Realty pays $10M for retail in Great Kills

Agree Realty through the entity Agree Limited Partnership paid $10 million to Maria Semilia-Nicolo through the entity 7506 Bay Ridge Realty, LLC for the retail building (K1) at 4051 Hylan Boulevard in Great Kills, Staten Island.
The deal closed on April 10, 2026 and was recorded on April 22, 2026. The property has 12,487 square feet of built space and 8,420 square feet of additional air rights for a total buildable of 21,050 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $803 and the price per buildable square foot is $476 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 December 20, 2019, for $11.9 million.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Agree Realty had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Maria Semilia-Nicolo had not purchased any other properties and had not sold any properties over the same time period. The 12,487-square-foot property generated revenue of $824,802 or $66 per square foot, according to the most recent income and expense figures.

The property

The retail building in Great Kills has 12,487 square feet of built space and 8,420 square feet of additional air rights for a total buildable of 21,050 square feet according to a PincusCo analysis of city data. The parcel has frontage of 180 feet and is 200 feet deep with a total lot size of 42,100 square feet. The lot is irregular. The zoning is R3A which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.4 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 received $800 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 6, 2015. 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 11 commercial properties representing 12,487 square feet of the 34,801 square feet. The identified owner is Anonymous.
There are no active new building construction projects on this tax block.

The majority, or 51 percent of the 34,801 square feet of built space are mixed-use buildings, with retail buildings next occupying 49 percent of the space.

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