Galaxy General Contracting pays $8.2M to Savion for industrial in Mott Haven

Galaxy General Contracting through the entity 450 Timpson Realty Group LLC paid $8.2 million to solar energy company Savion through the entity Bronx Shores Energy Storage, LLC for the industrial building (E9) at 450 Timpson Place in Mott Haven, Bronx.
The deal closed on April 21, 2025 and was recorded on April 29, 2025. The property has 27,000 square feet of built space and 185,300 square feet of additional air rights for a total buildable of 212,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $303 and the price per buildable square foot is $38 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 December 29, 2022, for $17.8 million. The signatory for Savion, a solar company owned by Shell, was John Larigan and Aaron Lipscomb. The signatory for Galaxy General Contracting was Steve Zervoudis . The contract date was February 5, 2025.

Marketing material from Pinnacle Realty of New York brokerage, which brokered both sides of the transaction, emphasized the property for an industrial use.

450 Timpson Place marketing pdf

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Galaxy General Contracting had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Savion had not purchased any other properties and had not sold any properties over the same time period. The 27,000-square-foot property generated revenue of $489,510 or $18 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Mott Haven has 27,000 square feet of built space and 185,300 square feet of additional air rights for a total buildable of 212,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 250 feet and is 200 feet deep with a total lot size of 42,500 square feet. The lot is irregular. The zoning is M1-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.6 million. The most recent loan totaled $6.8 million and was provided by Louise Bonsignore on April 13, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. 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 $1 million on this tax lot.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has near average sales volume among other neighborhoods with $234.6 million in sales volume in the last two years and is the 2nd highest in Bronx. For development, Mott Haven has 1.6 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 35 commercial properties representing 80,906 square feet of the 414,236 square feet. The largest owner is Galaxy General Contracting, followed by City Skyline Realty and then Stacy Wolfe.
On the tax block, there was one new building construction project filed totaling 144,749 square feet. It is a 167-unit, 144,749 square-foot residential (R-2) building submitted by Radson Development and filed by Daniel Rad with plans filed August 16, 2016 and permitted April 25, 2017.

The majority, or 78 percent of the 414,236 square feet of built space are industrial buildings, with walkup buildings next occupying 12 percent of the space.

The buyer

The PincusCo database currently indicates that Galaxy General Contracting owned at least 12 commercial properties with 89 residential units in New York City with 118,340 square feet and a city-determined market value of $12.4 million. (Market value is typically about 50% of actual value.) The portfolio has $6.9 million in debt, borrowed from NYC Housing Development Corporation. Within the portfolio, the bulk, or 46 percent of the 118,340 square feet of built space are elevator properties, with industrial properties next occupying 28 percent of the space. The bulk, or 95 percent of the built space, is in Bronx, with Queens next at 5 percent of the space.

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