Church pays $7M for industrial in Mott Haven

Good News Manhattan Church paid $7 million to Angelita Ortega through the entity Angie’s Warehouse, LLC for the industrial building (F5) at 2472 Third Avenue in Mott Haven, Bronx.
The deal closed on January 25, 2023 and was recorded on February 3, 2023. The property has 17,907 square feet of built space and 5,969 square feet of additional air rights for a total buildable of 23,876 square feet according to PincusCo analysis of city data. The sale price per built square foot is $389 and the price per buildable square foot is $292 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 April 24, 2014, for $2.4 million. The signatory for Angelita Ortega was Angelita Ortega. The signatory for the Good News Manhattan Church was Philip Choong Song.

Prior sales and revenue

The seller Angelita Ortega had not purchased any other properties and had not sold any properties over the past 24 months. The 17,907-square-foot property generated revenue of $164,566 or $9 per square foot, according to the most recent income and expense figures.

The property

The 2472 Third Avenue parcel has frontage of 50 feet and is 117 feet deep with a total lot size of 5,969 square feet. The lot is irregular. The zoning is M1-4/R7A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $726,000.

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 Mott Haven, the bulk, or 43 percent of the 41.3 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 24 percent of the space. In sales, Mott Haven has 2.1 times the average sales volume among other neighborhoods with $710.6 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven is the 8th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the eight commercial properties representing 20,247 square feet of the 68,320 square feet. The identified owner is Altmark Group.
There are no active new building construction projects on this tax block.

the majority, or 73 percent of the 48,073 square feet of built space are industrial buildings, with mixed-use buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that Angelita Ortega owned at least two commercial properties in New York City with 7,529 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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