Gary Spindler of Park-It Management pays $1.6M for industrial in Mott Haven

Gary Spindler of Park-It Management through the entity Bx 134 Holding LLC paid $1.6 million to Jonathan Yunatanov through the entity 259 East 134 Oz LLC for the industrial building (F5) at 259 East 134th Street in Mott Haven, Bronx.
The deal closed on November 1, 2022 and was recorded on November 15, 2022. The property has 4,575 square feet of built space and 2,925 square feet of additional air rights for a total buildable of 7,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $360 and the price per buildable square foot is $220 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 January 28, 2019, for $1.5 million. The signatory for Jonathan Yunatanov was Jonathan Yunatanov. The signatory for Gary Spindler was Gary Spindler.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Gary Spindler purchased two properties in two transactions for a total of $13.3 million and has no record it sold any properties over the past 24 months.
The seller Jonathan Yunatanov had not purchased any other properties and had not sold any properties over the same time period.

The property

The 259 East 134th Street parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $445,000.

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 42 percent of the 40.1 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 25 percent of the space. In sales, Mott Haven has 2.3 times the average sales volume among other neighborhoods with $800.5 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven is the 10th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 20 commercial properties representing 38,777 square feet of the 121,716 square feet. The largest owner is RXR Realty, followed by Gordon Roth Development and then Gordon Roth Dvlpmnt.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 121,716 square feet of built space are industrial buildings, with walkup buildings next occupying 20 percent of the space.

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