Altmark Group pays $9.8M for industrial in Mott Haven

Altmark Group through the entity 450 Timpson Owner LLC paid $9.8 million to Louise Bonsignore through the entity Jlb Realty, L.P. for corner industrial building at 450 Timpson Place in Mott Haven, Bronx.
The deal closed on April 13, 2022 and was recorded on April 28, 2022.

The property has 27,000 square feet of built space and 185,300 square feet of additional air rights for a total buildable of 212,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $362 and the price per buildable square foot is $46 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 Louise Bonsignore was Louise Bonsignore. The signatory for Altmark Group was Adi Altmark. Altmark Group is located at the same address as the buyer LLC.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Altmark Group had purchased any other properties and sold one properties in one transactions for a total of $6.5 million over the past 24 months.
The seller Louise Bonsignore had not purchased any other properties and had not sold any properties over the same time period. The 27,000-square-foot property generated revenue of $387,990 or $14 per square foot, according to the most recent income and expense figures.

The property

The 450 Timpson Place parcel has frontage of 250 feet and is 200 feet deep with a total lot size of 42,500 square feet. The lot is irregular. The zoning is M1-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.9 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 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 $5 million on this tax lot.

The neighborhood

In Mott Haven, the bulk, or 38 percent of the 43.4 million square feet of commercial built space are residential elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has 2.7 times the average sales volume among other neighborhoods with $744 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven is the 7th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 38 commercial properties representing 89,899 square feet of the 615,295 square feet. The largest owner is Dunn Development Corp., followed by Stacy Wolfe and then City of New York. There are three active new building construction projects totaling 238,501 square feet. The largest is a 167-unit, 144,749-square-foot R-2 building developed by Daniel Rad with plans filed August 16, 2016 and permitted April 26, 2017. The second largest is a 80-unit, 57,569-square-foot R-2 building developed by Martin Dunn with plans filed March 15, 2019 and permitted November 22, 2019.

The majority, or 40 percent of the 794,381 square feet of built space are industrial buildings, with walkup buildings next occupying 35 percent of the space.

The buyer

The PincusCo database, which is incomplete, currently indicates that Altmark Group owned at least eight commercial properties with 328,165 square feet and a city-determined market value of $34.1 million. (Market value is typically about 50% of actual value.) The portfolio has $69.7 million in debt, with top three lenders as Dime Community Bank, Signature Bank, and TriState Capital Bank respectively. Within the portfolio, the bulk, or 68 percent of the 328,165 square feet of built space are industrial properties, with specialty properties next occupying 30 percent of the space. The bulk, or 98 percent of the built space, is in Bronx, with Manhattan next at 2 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 450 Timpson Place that occurred over the past 24 months.

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