Edward Rice pays $11.5M for dev parcels in Charleston

Edward Rice through the entity Eloc Ftk LLC paid $11.5 million to Max Wm. Gurvitch, Norman Rosen, Alan Shriro, and Leonard S. Slavit for 16 vacant tax lots including 345 Cole Street and others on Bascome Avenue and Weiner Street, in Charleston, Staten Island.
The deal closed on December 12, 2022 and was recorded on February 28, 2023. The 16 properties have zero square feet of built space and 321,656 square feet of additional air rights for a total buildable of 321,656 square feet according to PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $35 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 Max Wm. Gurvitch, Norman Rosen, Alan Shriro, and Leonard S. Slavit was Max Wm. Gurvitch, Norman Rosen, Alan Shriro, and Leonard S. Slavit. The signatory for Edward Rice was Edward Rice.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Edward Rice had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Max Wm. Gurvitch had not purchased any other properties and had not sold any properties over the same time period.

The property

One of the Cole Street parcels has frontage of 589 feet and is 406 feet deep with a total lot size of 217,556 square feet. The lot is irregular. The zoning is R3X which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $6,250 in ECB penalties and $6,250 in OATH penalties in the last year.

Development

On these lots, there are seven active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 23,940 square feet. The largest is a new building project for a one-unit, 3,420 square-foot R-3 building developed by Andy Gonchar with plans filed April 10, 2019 and it has not been permitted yet. The second largest is a new building project for a one-unit, 3,420 square-foot R-3 building developed by Andy Gonchar with plans filed April 9, 2019 and it has not been permitted yet.

The block

On the tax block, there were 60 new building construction projects totaling 205,200 square feet. The largest is a one-unit, 3,420-square-foot R-3 building developed by Andy Gonchar with plans filed April 4, 2019 and it has not been permitted yet.The second largest is a one-unit, 3,420-square-foot R-3 building developed by Andy Gonchar with plans filed April 4, 2019 and it has not been permitted yet.

All properties are development.

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