Casa Building Materials pays $7M for industrial in Hunts Point

Construction supply company Casa Building Materials through the entity 900 Edgewater LLC paid $7 million to Angela Dellorusso through the entity 900 Edgewater Sam, Inc. for the industrial property (G9) at 900 Edgewater Road in Hunts Point, Bronx. The expected use is owner-occupied.
The deal closed on September 12, 2024 and was recorded on September 20, 2024. The property has 21,100 square feet of built space and 45,050 square feet of additional air rights for a total buildable of 66,250 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $331 and the price per buildable square foot is $105 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 Angela Dellorusso was Angela Dellorusso. The signatory for Casa Building Materials was Alberto Paniccia. The contract date was September 12, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Alberto Paniccia had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Angela Dellorusso had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial property in Hunts Point has 21,100 square feet of built space and 45,050 square feet of additional air rights for a total buildable of 66,250 square feet according to a PincusCo analysis of city data. The parcel has frontage of 228 feet and is 150 feet deep with a total lot size of 33,125 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 $1.4 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 neighborhood

In Hunts Point, The majority, or 59 percent of the 14.4 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 had very little sales volume relative to other neighborhoods with $118.4 million in sales volume in the last two years. For development, Hunts Point has had very little major development activity relative to other neighborhoods.It had 834,529 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 61 commercial properties representing 325,736 square feet of the 1,004,662 square feet. The largest owner is Sebco Development, followed by Daniel Turkel and then Nuveen Real Estate.
On the tax block, there were three new building construction projects totaling 28,021 square feet. The largest is a 17,417 square-foot storage (S-2) building submitted by Albert Paniccia with plans filed June 11, 2012 and permitted December 8, 2016. The second largest is a seven-unit, 5,604 square-foot residential (R-2) building submitted by Salvatore D’Avola and filed by Salvatore D’Avola with plans filed March 23, 2023 and permitted July 20, 2023.

The majority, or 43 percent of the 1 million square feet of built space are walkup buildings, with elevator buildings next occupying 25 percent of the space.

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