Amedeo Gabrielli pays $14.5M for two development properties in Eastchester

Amedeo Gabrielli through the entity Gabrielli Hollers Ave Realty LLC paid $14.5 million to New York Bus Service Advertising for development parcel (V1) at 2370 Hollers Avenue and the development parcel (V1) at 2370 Hollers Avenue in Eastchester, Bronx.
The deal closed on September 29, 2022 and was recorded on October 13, 2022. The two properties have zero square feet of built space and 173,844 square feet of additional air rights for a total buildable of 173,844 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $83 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 New York Bus Service Advertising was B. J. O’Reilly. The signatory for Amedeo Gabrielli was Amedeo Gabrielli.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2370 Hollers Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Amedeo Gabrielli had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller New York Bus Service Advertising had not purchased any other properties and had not sold any properties over the same time period.

The property

The 2370 Hollers Avenue parcel has frontage of 973 feet and is 226 feet deep with a total lot size of 139,589 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have 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 Eastchester, the bulk, or 49 percent of the 3.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 18 percent of the space. In sales, Eastchester has the 22nd highest sale turnover among other neighborhoods in Bronx with $67.5 million in sales volume in the last two years. For development, Eastchester has had very little major development activity relative to other neighborhoods.It had 84,260 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

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