Carting, demo firm pays $3.6M in Hunts Point

The carting, demolition and remediation firm Alba Services through the entity 543 Hunts Point LLC paid $3.6 million to Tri-State Transfer Associates, Inc. for the industrial property at 543 Hunts Point Avenue in Hunts Point, Bronx.
The deal closed on May 17, 2022 and was recorded on May 31, 2022. The property has 3,475 square feet of built space and 23,316 square feet of additional air rights for a total buildable of 26,800 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,047 and the price per buildable square foot is $135 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 June 6, 2013, for $710,000.
Eve Byrne is the CEO of Tri-State Transfer Associates Inc., an asbestos transport and transfer company. Edward J. Bullard, Jr., who signed for the seller, is a lawyer with Bullard Group. Andrew Horan is the CEO of Alba.

Prior sales and revenue

The 3,475-square-foot property generated revenue of $70,976 or $20 per square foot, according to the most recent income and expense figures.

The property

The 543 Hunts Point Avenue parcel has frontage of 125 feet and is 97 feet deep with a total lot size of 13,400 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 $332,000.

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 Hunts Point, the majority, or 54 percent of the 15.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 15 percent of the space. In sales, Hunts Point has 1.3 times the average sales volume among other neighborhoods with $370.3 million in sales volume in the last two years and is the 2nd highest in Bronx. For development, Hunts Point has had very little major development activity relative to other neighborhoods.It had 626,691 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 49 commercial properties representing 10,750 square feet of the 339,774 square feet. The two identified owners are Pantelis P. Mestousis and Jack Guttman. There are two active new building construction projects totaling 73,594 square feet. The largest is a 38,100-square-foot M building developed by Peter Mestousis with plans filed July 11, 2017 and it has not been permitted yet. The second largest is a 35,494-square-foot M building developed by Peter Mestousis with plans filed October 4, 2017 and permitted May 29, 2019.

The majority, or 95 percent of the 339,774 square feet of built space are industrial buildings, with retail buildings next occupying 5 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 543 Hunts Point Avenue that occurred over the past 24 months.

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