Auto dealer pays $5.7M for waterfront property in Staten Island

Germain Motor Company through the entity Jaz Automotive Properties, LLC paid $5.7 million to Staten Island Yacht Sales through the entity Staten Island Yacht Sales, Inc. for the retail building (K1) at 230 Mansion Avenue in Staten Island, specialty building (T2) at 222 Mansion Avenue in Staten Island, and vacant land (V1) at on Tennyson Drive in Staten Island. Some of the adjacent properties directly front Great Kills Harbor.
The deal closed on October 25, 2023 and was recorded on November 17, 2023. The four properties have 7,500 square feet of built space and 121,613 square feet of additional air rights for a total buildable of 128,719 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $753 and the price per buildable square foot is $43 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 Germain Motor Company was Francesco Bongiorno. The signatory for Staten Island Yacht Sales was Gerald Poland.

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 222 Mansion Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Staten Island Yacht Sales had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Germain Motor Company had not purchased any other properties and had not sold any properties over the same time period.

The property

The buildings have 7,500 square feet of built space and 121,613 square feet of additional air rights for a total buildable of 128,719 square feet according to a PincusCo analysis of city data. The parcel has frontage of 140 feet and is 561 feet deep with a total lot size of 78,819 square feet. The lot is irregular. The zoning is C3A which allows for up to 0.5 times floor area ratio (FAR) for commercial and up to 0.5 times FAR for residential. The city-designated market value for the property in 2022 is $892,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. 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 $1 million on this tax lot.

The block

On the tax block, there was one new building construction project filed totaling 980 square feet. It is a 980 square-foot business (B) building submitted by Angelo Pignataro with plans filed April 4, 2016 and it has not been permitted yet.

The majority, or 84 percent of the 12,125 square feet of built space are retail buildings, with specialty buildings next occupying 16 percent of the space.

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