Blackstone pays $28.5M to Simone Development and Steven Squitieri for warehouse property in Soundview

Blackstone Group through the entity B9 Zerega Owner LLC paid Joseph Simone’s Simone Development and Steven Squitieri’s 535 Zerega Realty LLC $28.5 million for 537 Zerega Avenue in Soundview. The deal closed on December 13, 2019, and was recorded on December 18, 2019. The transaction consists of 1 parcel, including the tax class miscellaneous warehouse (E9). The property is 74,250 square feet. The parcel(s) have total development potential of 97,786 square feet.
The average sale price per square foot is $291.
The estimated cap rate is 2.4%
The last time the property sold was in 2013 and 2014, for $2,225,000 in two transactions. Steven Squitieri is the CEO of waste hauler Sanitation Salvage.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on December 22, 2016.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $1,914,750. There has been one new building permit application totaling 74,250 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link