Bettina Equities pays $6.5M to Richard Caiola for industrial in Mott Haven
Bettina Equities through the entity 132 Willis Associates, LLC paid $6.5 million to Richard Caiola through the entity 102 Bruckner Blvd. Realty LLC for industrial building (G4) at 102 Bruckner Boulevard in Mott Haven, Bronx.
The deal closed on October 14, 2022 and was recorded on October 19, 2022. The property has 3,305 square feet of built space and 50,850 square feet of additional air rights for a total buildable of 54,180 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,966 and the price per buildable square foot is $119 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 Richard Caiola was Richard Caiola. The signatory for Bettina Equities was Tina Gagliano.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Bettina Equities had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Richard Caiola had not purchased any other properties and had not sold any properties over the same time period.
The property
The 102 Bruckner Boulevard parcel has frontage of 100 feet and is 90 feet deep with a total lot size of 9,000 square feet. The lot is irregular. The zoning is M1-5/R8A which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $798,000.
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 Mott Haven, the bulk, or 42 percent of the 40.1 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 25 percent of the space. In sales, Mott Haven has 2.3 times the average sales volume among other neighborhoods with $806.7 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven is the 10th most active neighborhood among other neighborhoods. It had 4.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of two of the 11 commercial properties representing 87,000 square feet of the 214,263 square feet. The identified owner is Storage Post.
On the tax block, there was one new building construction project filed totaling 47,468 square feet. It is a 133-unit, 47,468-square-foot R-1 building developed by Amritpal Sandhu with plans filed January 15, 2016 and it has not been permitted yet.
The majority, or 99 percent of the 214,263 square feet of built space are industrial buildings, with retail buildings next occupying 1 percent of the space.
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