Chris Furie pays Brookfield $3.2M for strip retail in Staten Island

Chris Furie through the entity CF Richmond LLC paid Brookfield Properties through the entity Staten Island Frosty Outparcel LLC $3.2 million for the strip retail building (K5) at 26 Richmond Hill Road in New Springville, Staten Island.
The deal closed on February 2, 2024 and was recorded on February 6, 2024. The property has 3,337 square feet of built space and 22,180 square feet of additional air rights for a total buildable of 25,436 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $959 and the price per buildable square foot is $125 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 August 28, 2018, for $986 million. Chris Furie is a mortgage broker with Insignia Mortgage in California.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Chris Furie had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Brookfield Properties purchased nine properties in seven transactions for a total of $227.3 million and sold eight properties in six transactions for a total of $761.6 million over the same time period.

The property

The retail building in New Springville has 3,337 square feet of built space and 22,180 square feet of additional air rights for a total buildable of 25,436 square feet according to a PincusCo analysis of city data. The parcel has frontage of 119 feet and is 171 feet deep with a total lot size of 20,349 square feet. The lot is irregular. The zoning is C4-1 which allows for up to 1 times floor area ratio (FAR) for commercial and up to 1.25 times FAR for residential. 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 received $5,000 in OATH penalties 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 23 commercial properties representing 79,438 square feet of the 2,517,315 square feet. The two identified owners are Raymour & Flanigan and Petroleum Marketing Group.
On the tax block, there was one new building construction project filed totaling 7,311 square feet. It is a 7,311 square-foot assembly (A-2) building submitted by Douglas Adams with plans filed May 1, 2017 and permitted August 15, 2017.

The majority, or 87 percent of the 2.5 million square feet of built space are retail buildings, with industrial buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Brookfield Properties owned at least 57 commercial properties with 4,389 residential units in New York City with 25,030,096 square feet and a city-determined market value of $5.7 billion. (Market value is typically about 50% of actual value.) The portfolio has $10.5 billion in debt, with top three lenders as Wells Fargo, JPMorgan Chase, and ING Capital respectively. Within the portfolio, the bulk, or 60 percent of the 25,030,096 square feet of built space are office properties, with elevator properties next occupying 20 percent of the space. The bulk, or 72 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.

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