Criterion Group pays $5.8M to Asset Realty for development site in Eastchester

Shibber Khan’s Criterion Group through the entity 3536 Peartree Industrial LLC paid $5.8 million to Asset Realty & Construction Group through the entity Sf Peartree Holdings LLC for the development site (V1) at 3536 Peartree Avenue in Eastchester, Bronx.
The deal closed on December 1, 2021 and was recorded on December 17, 2021.
The property has 0 square feet of built space and 77,710 square feet of additional air rights for a total buildable of 77,710 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $73 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 November 1, 2018, for $4 million.
The signatory for Asset Realty & Construction Group was Dino Tomassetti Jr. The signatory for Criterion Group was Yung Ching Siu.

There has been one demolition project filed for the parcel over the past five years.
Yung Ching Siu is a principal with Criterion Group.

Within a 400-foot radius of 3536 Peartree Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which Nick Dragonetti bought the industrial (Z9) parcel on 3512 Heathcote Avenue and two other properties for $5.4 million from Thomas Kreutzer on September 17, 2021.
One of those two items was a loan which Cayre Equities borrowed $22 million from Metropolitan Commercial Bank secured by the 100,279-square-foot, one-unit industrial (E7) on 2325 Hollers Avenue on October 29, 2020.

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