Boris Natenzon pays $6.2M for city-leased industrial in Port Richmond

Boris Natenzon through the entity 1893 Rt LLC paid the family of the late Gary Pizzitola through the entity Wevest, Inc. $6.2 million for the industrial property (G1) at 1893 Richmond Terrace in Port Richmond, Staten Island, that is leased to the city.
The deal closed on October 10, 2025 and was recorded on October 29, 2025. The property has 38,000 square feet of built space and 23,233 square feet of additional air rights for a total buildable of 61,140 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $162 and the price per buildable square foot is $100 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 March 25, 2004, for $500,000. The property is net leased to the city until November 30, 2036, according to a CBRE listing. The seller died in 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Boris Natenzon had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Gary Pizzitola had not purchased any other properties and had not sold any properties over the same time period. The 38,000-square-foot property generated revenue of $501,634 or $13 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Port Richmond has 38,000 square feet of built space and 23,233 square feet of additional air rights for a total buildable of 61,140 square feet according to a PincusCo analysis of city data. The parcel has frontage of 268 feet and is 294 feet deep with a total lot size of 61,140 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $3 million.

Violations and lawsuits

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

The block

On this tax block, PincusCo has identified the owners of two of the 77 commercial properties representing 3,296 square feet of the 259,785 square feet. The identified owner is Robert Frederick Brofsky.
On the tax block, there was one new building construction project filed totaling 2,400 square feet. It is a 2,400 square-foot 59 building submitted by Michael Scerbo with plans filed December 29, 2022 and permitted September 5, 2023.

The majority, or 85 percent of the 259,785 square feet of built space are industrial buildings, with specialty buildings next occupying 8 percent of the space.

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