CenterPoint, thhough its Centerpoint Flatlands 10110 LLC acquired a ground lease from Rentar Development Corp.’s Susan Realty Co. valued at $48.8 million for 10110 Foster Avenue in Canarsie. The deal closed on January 10, 2020, and was recorded on January 28, 2020. The transaction consists of 1 parcel, including the tax class fireproof warehouse (E1). The property is 348,000 square feet. The parcel has total development potential of 504,550 square feet. This is the third leasehold acquisition transaction CenterPoint has recorded with Rentar, for a total value of approximately $133 million. The other two, valued at $84 million, were recorded on Monday.
The average sale price per square foot is $97. CenterPoint is an industrial real estate investment firm based in Oak Brook, Illinois, which announced the acquisitions earlier this month.
The city owns 10110 Foster Avenue, which it took control of following a tax lien foreclosure in 1955, according to city records. Garden City-based Rentar has has a leasehold interest in the property since at least 1969. The lease that was assigned was originally signed in 1984 between the City of New York and Rentar.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on December 10, 2014.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $500,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link