CMA CGM Group pays $5.6M to Global Container Terminals in Bloomfield
CMA CGM Group through the entity Cma Cgm Sa paid $5.6 million to Global Container Terminals through the entity Gct Usa Gp LLC for the specialty building (T1) at 300 Western Avenue in Bloomfield, Staten Island and development parcel (V1) at 3599 Richmond Terrace in Bloomfield, Staten Island.
The deal closed on August 31, 2023 and was recorded on October 3, 2023. The two properties have 233,560 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $23 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.)
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 300 Western Avenue.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer CMA CGM Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Global Container Terminals had not purchased any other properties and had not sold any properties over the same time period.
The property
The parcel has frontage of 195 feet and is 2,800 feet deep with a total lot size of 9,166,499 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $175.9 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 block
There are no active new building construction projects on this tax block.
The majority, or 89 percent of the 261,560 square feet of built space are specialty buildings, with industrial buildings next occupying 11 percent of the space.
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