Gerald Amerosi Sr. pays $5.7M for retail in Todt Hill

Gerald Amerosi Sr. through the entity Jpg Properties LLC paid $5.7 million to Filippo Giuffre through the entity MG 1461 Richmond Road LLC for the retail building (K2) at 1461 Richmond Road in Todt Hill, Staten Island.
The deal closed on April 9, 2024 and was recorded on May 15, 2024. The property has 3,486 square feet of built space and 2,495 square feet of additional air rights for a total buildable of 5,941 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,635 and the price per buildable square foot is $959 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 February 13, 2018, for $1.7 million. The signatory for Filippo Giuffre, James Thomson, Karalyn Buono, and Rachael Fundaro was Filippo Giuffre. The signatory for Gerald Amerosi Sr. was Gerald Amerosi Sr.. The contract date was June 16, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gerald Amerosi Sr. had purchased other properties and has no record it sold any properties over the past 24 months.
The seller Filippo Giuffre had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Todt Hill has 3,486 square feet of built space and 2,495 square feet of additional air rights for a total buildable of 5,941 square feet according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 107 feet deep with a total lot size of 11,883 square feet. The lot is irregular. The zoning is R2 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 $608,000.

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

For the tax lot building, it received its initial certificate of occupancy on February 9, 2024. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block, there were two new building construction projects totaling 9,687 square feet. The largest is a one-unit, 6,842 square-foot residential (R-3) building submitted by Olena Kinebas with plans filed May 10, 2023 and permitted May 1, 2024. The second largest is a one-unit, 2,845 square-foot residential (R-3) building submitted by Fida Sulejman with plans filed October 22, 2013 and permitted December 20, 2013.

The majority, or 53 percent of the 14,120 square feet of built space are office buildings, with retail buildings next occupying 25 percent of the space.

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