Approved Energy family pays $2.7M for 18-unit rental in Staten Island

Lorena Theurer and Vincent Theurer of Approved Energy through the entity Vm Realty 22 LLC paid $2.7 million to Salvatore Immitti through the entity Hy-Cliff LLC for the 18-unit residential elevator building (D3) at 59 Hylan Boulevard in Rosebank, Staten Island. The expected use is cash flowing.
The deal closed on April 28, 2025 and was recorded on May 14, 2025. The property has 19,400 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $139 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 Salvatore Immitti was Salvatore Immitti. The signatory for Lorena Theurer and Vincent Theurer was Lorena Theurer. The contract date was January 15, 2025. Vincent Theurer owns Approved Energy an affiliate of Approved Oil.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Lorena Theurer purchased one property in one transaction for a total of $3.2 million and has no record it sold any properties over the past 24 months.
The seller Salvatore Immitti had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Salvatore Immitti, head officer and Terry Lane, site manager. The business entity is Hycliff, Llc. The 19,400-square-foot property generated revenue of $367,242 or $19 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 18 residential units in Rosebank has 19,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 101 feet and is 140 feet deep with a total lot size of 18,095 square feet. The lot is irregular. The zoning is R4 which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 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 $1,600 in OATH penalties 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 the tax block, there were two new building construction projects totaling 4,950 square feet. The largest is a two-unit, 2,475 square-foot residential (R-3) building submitted by Mitchell Pacifico with plans filed April 16, 2024 and permitted July 2, 2024. The second largest is a two-unit, 2,475 square-foot residential (R-3) building submitted by Mitchell Pacifico with plans filed April 16, 2024 and permitted July 10, 2024.

The majority, or 48 percent of the 78,170 square feet of built space are industrial buildings, with elevator buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Vincent Theurer owned at least six commercial properties with 82 residential units in New York City with 88,898 square feet and a city-determined market value of $10.3 million. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from TD Bank. Within the portfolio, the bulk, or 77 percent of the 88,898 square feet of built space are walkup properties, with mixed-use properties next occupying 16 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Bronx next at 5 percent of the space.
The PincusCo database currently indicates that Lorena Theurer owned at least one commercial property in New York City with 6,000 square feet and a city-determined market value of $891,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Brooklyn.

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