Anthony Aquilino pays $3.5M to Joan Florio for industrial in Baychester

Anthony Aquilino through the entity 1840 Givan Ave Realty LLC paid $3.5 million to Joan Florio through the entity Golden Glow Cookie Co. Inc. for industrial building (F4) at 1840 Givan Avenue in Baychester, Bronx.
The deal closed on March 17, 2022 and was recorded on July 1, 2022. The property has 10,079 square feet of built space and 645 square feet of additional air rights for a total buildable of 10,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $347 and the price per buildable square foot is $325 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 Joan Florio was Joan Florio. The signatory for Anthony Aquilino was Anthony Aquilino. Joan Florio is the president of Golden Glow Cookie Company, Inc.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Anthony Aquilino had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joan Florio had not purchased any other properties and had not sold any properties over the same time period. The 10,079-square-foot property generated revenue of $121,088 or $12 per square foot, according to the most recent income and expense figures.

The property

The 1840 Givan Avenue parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,750 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 $830,000.

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 Baychester, the bulk, or 38 percent of the 1.7 million square feet of commercial built space are specialty buildings, with industrial buildings next occupying 33 percent of the space. In sales, Baychester has the 44th highest sale turnover among other neighborhoods in Bronx with $6 million in sales volume in the last two years. For development, Baychester has had very little major development activity relative to other neighborhoods. It had 75,591 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing zero square feet of the 17,979 square feet. The identified owner is City of New York. There are two active new building construction projects totaling zero square feet. The largest is a three-unit, zero-square-foot J-0 building developed by Simon Simms with plans filed September 25, 2006 and permitted May 28, 2014. The second largest is a three-unit, zero-square-foot J-0 building developed by Simon Simms with plans filed September 25, 2006 and permitted September 10, 2014.

the majority, or 100 percent of the 17,979 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 1840 Givan Avenue that occurred over the past 24 months.

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