Benzion Zablotsky pays $6.2M to Abingdon Square Partners for industrial in New Brighton

Benzion Zablotsky through the entity Commercial Space LLC paid $6.2 million to Abingdon Square Partners through the entity 572 Rt LLC for midblock industrial building at 572 Richmond Terrace in New Brighton, Staten Island.
The deal closed on March 24, 2022 and was recorded on April 19, 2022.The property has 36,835 square feet of built space and 74,260 square feet of additional air rights for a total buildable of 110,836 square feet according to PincusCo analysis of city data. The sale price per built square foot is $168 and the price per buildable square foot is $56 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 seller bought the property on December 18, 2018, for $9.2 million.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Benzion Zablotsky had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Abingdon Square Partners had not purchased any other properties and sold one properties in one transactions for a total of $51 million over the same time period. The 36,835-square-foot property generated revenue of $357,548 or $10 per square foot, according to the most recent income and expense figures.

The property

The 572 Richmond Terrace parcel has frontage of 306 feet and is 183 feet deep with a total lot size of 55,418 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $2.1 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received one DOB violation 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 block

On this tax block, PincusCo has identified the owners of one of the 12 commercial properties representing 152,196 square feet of the 229,266 square feet. The identified owner is Storage Post. There is one active new building construction project totaling 184,559 square feet. It is a 184,559-square-foot S-1 building developed by Ben Atkins with plans filed April 22, 2019 and permitted March 13, 2020.

The majority, or 80 percent of the 258,279 square feet of built space are industrial buildings, with 1-4 family buildings next occupying 11 percent of the space.

Surrounding

Within a 400-foot radius of 572 Richmond Terrace, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Storage Post bought the 152,196-square-foot, one-unit industrial (E7) on Richmond Terrace for $51 million from Abingdon Square Partners on April 4, 2022.

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