Construction suppliers pay $13.8M for industrial properties in Mariners Harbor

Construction suppliers Thomas Corbett and Kimberly Corbett through the entity North Shore Property SI, LLC paid $13.8 million to Joseph Misseri through the entity Staten Island Holdings, LLC for the office building (O5) at 2541 Richmond Terrace in Mariners Harbor, Staten Island, industrial building (G9) at 2537 Richmond Terrace in Mariners Harbor, Staten Island, and two other adjacent properties.
The deal closed on March 28, 2024 and was recorded on April 30, 2024. The four properties have 10,360 square feet of built space and 403,314 square feet of additional air rights for a total buildable of 413,464 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,332 and the price per buildable square foot is $33 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 Joseph Misseri was Luis Goni. The signatory for Thomas Corbett and Kimberly Corbett was Kimberly Corbett. The contract date was June 26, 2023. Thomas Corbett and Kimberly Corbett operate several construction-related companies such as Corbett Companies, and Corbett Aggregate Company from one of the parcels purchased.

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 2541 Richmond Terrace.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Thomas Corbett had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Misseri had not purchased any other properties and had not sold any properties over the same time period.

The property

The properties in Mariners Harbor have 10,360 square feet of built space and 403,314 square feet of additional air rights for a total buildable of 413,464 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 570 feet deep with a total lot size of 57,249 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 $807,000.

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 received four DOB 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 95 percent of the 125,465 square feet of built space are industrial buildings, with office buildings next occupying 5 percent of the space.

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