Divine Moving & Storage pays $6.3M to Tuck-it-Away for storage in Mott Haven

David Cohen’s Divine Moving & Storage through the entity 601 Ventures LLC paid $6.3 million to Tuck-it-Away through the entity Tuck-It Away Associates-137th Street LLC for the industrial storage building (E7) at 601 East 137th Street in Mott Haven, Bronx.
The deal closed on February 3, 2023 and was recorded on February 14, 2023. The property has 32,500 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $195 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 Tuck-it-Away was Matthew Sprayregen. The signatory for Divine Moving & Storage was David Cohen.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer David Cohen had purchased any other properties and sold one properties in one transactions for a total of $8.1 million over the past 24 months.
The seller Tuck-it-Away had not purchased any other properties and sold four properties in three transactions for a total of $71.7 million over the same time period. The 32,500-square-foot property generated revenue of $457,600 or $14 per square foot, according to the most recent income and expense figures.

The property

The 601 East 137th Street parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,500 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.9 million.

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 $717.5 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven is the 9th most active neighborhood among other neighborhoods. It had 4.1 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 nine of the 29 commercial properties representing 163,829 square feet of the 338,862 square feet. The largest owner is Mustafa Realty Corp., followed by Lemle & Wolff and then Howard Kowlowitz.
On the tax block, there were two new building construction projects totaling 15,000 square feet. The largest is a eight-unit, 7,500-square-foot R-2 building developed by Shalev Shoshani with plans filed September 25, 2017 and it has not been permitted yet. The second largest is a eight-unit, 7,500-square-foot R-2 building developed by Shalev Shoshani with plans filed September 25, 2017 and it has not been permitted yet.

The majority, or 63 percent of the 331,608 square feet of built space are walkup buildings, with retail buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Tuck-It-Away owned at least three commercial properties in New York City with 120,324 square feet and a city-determined market value of $9.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that David Cohen owned at least one commercial property in New York City with 36,515 square feet and a city-determined market value of $11 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single hotel property. It is located in Manhattan.

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