Billionaire U-Haul family pays $3.3M for two properties in Mott Haven, second purchase on block

A partial owner of U-Haul, Mark V. Shoen, through the entity Five Sac Self-Storage Corporation paid $3.3 million to Dominic Valente through the entity Saji Business Corp. for the mixed-use building (K4) at 758 East 138th Street in Mott Haven, Bronx and development building (V1) at 764 East 138th Street in Mott Haven, Bronx. The owners now control the entire block front on the tax block on East 138th Street. U-Haul also occupies a large storage facility across the street at 780 East 138th Street.
The deal closed on October 31, 2022 and was recorded on November 30, 2022. The two properties have 2,310 square feet of built space and 14,353 square feet of additional air rights for a total buildable of 16,676 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,431 and the price per buildable square foot is $198 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 Dominic Valente was Dominic Valente. The signatory for Mark V. Shoen was Mark V. Shoen. Billionaire Mark Shoen owns approximately one-fifth of Amerco, which is the publicly traded parent of U-Haul, according to Forbes. The signatory is Mark V. Shoen and the return address is at Amerco Real Estate Company in Phoenix. A grandson of the U-Haul company founder, Stuart Shoen, signed for neighboring properties 760-762 East 138th Street using the same buyer entity, a few days earlier for

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 758 East 138th Street.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Mark V. Shoen had purchased any other properties and has no record it sold any properties over the past 24 months.

The property

The 758 East 138th Street parcel has frontage of 19 feet and is 115 feet deep with a total lot size of 4,838 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $245,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. 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 $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 2.2 times the average sales volume among other neighborhoods with $772.6 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 4.2 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On the tax block of 758 East 138th Street, PincusCo has identified the owners of five of the 25 commercial properties representing 46,180 square feet of the 222,907 square feet. The largest owner is H Equities, followed by ABJ Properties and then Lemle & Wolff.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 222,907 square feet of built space are walkup buildings, with industrial buildings next occupying 27 percent of the space.

Direct link to Acris document. link