Contractor Mario Jacovino pays $7.2M for two properties in Hunts Point

Mario Jacovino of Step-Mar Contracting through the entity 320-330 Tiffany Street LLC paid $7.2 million to Rosemarie Chester and Vincent J. Chester Jr. for the industrial building (G2) at 330 Tiffany Street in Hunts Point, Bronx and specialty building (Z9) at 320 Tiffany Street in Hunts Point, Bronx.
The deal closed on February 8, 2024 and was recorded on February 28, 2024. The two properties have 17,400 square feet of built space and 25,204 square feet of additional air rights for a total buildable of 42,598 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $413 and the price per buildable square foot is $169 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 Rosemarie Chester and Vincent J. Chester Jr. was Rosemarie Chester and Vincent J. Chester Jr.. The signatory for Mario Jacovino was Mario Jacovino. The contract date was October 10, 2023. Mario Jacovino is a principal with Step-Mar Contracting, which is located at the address of the buyer entity.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mario Jacovino had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rosemarie Chester had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 150 feet and is 100 feet deep with a total lot size of 15,000 square feet. 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 $699,000.

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 $650 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 neighborhood

In Hunts Point, The majority, or 59 percent of the 14.4 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 15 percent of the space. In sales, Hunts Point has had very little sales volume relative to other neighborhoods with $117.3 million in sales volume in the last two years. For development, Hunts Point has had very little major development activity relative to other neighborhoods.It had 609,809 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 330 Tiffany Street, PincusCo has identified the owners of three of the 60 commercial properties representing 60,000 square feet of the 422,579 square feet. The identified owner is Jack Guttman.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 422,579 square feet of built space are industrial buildings, with specialty buildings next occupying 3 percent of the space.

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