Gerald Boyle pays $9.2M for two industrial properties in Eastchester

Gerald Boyle through the entity Three Seven Merritt, LLC paid $9.2 million to Robert Troccoli through the entity Castro Realty Development, LLC for the industrial building (F5) at 3960 Merritt Avenue in Eastchester, Bronx and industrial building (E1) at 3966 Merritt Avenue in Eastchester, Bronx.
The deal closed on March 29, 2023 and was recorded on April 5, 2023. The two properties have 24,860 square feet of built space and 9,353 square feet of additional air rights for a total buildable of 34,199 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $372 and the price per buildable square foot is $270 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 Robert Troccoli was Robert Troccoli. The signatory for Gerald Boyle was Gerald Boyle. Robert Troccoli was a founder of Jantile, a tile company.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 3960 Merritt Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Gerald Boyle had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Robert Troccoli had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 24,860 square feet of built space generated revenue of $385,080 per year or $15 per square foot. The sale price per square foot was $372.

The property

The industrial building in Eastchester has 24,860 square feet of built space and 9,353 square feet of additional air rights for a total buildable of 34,199 square feet according to a PincusCo analysis of city data. The parcel has frontage of 246 feet and is 92 feet deep with a total lot size of 28,999 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $3,550 in OATH penalties 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 Eastchester, The bulk, or 49 percent of the 3.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 18 percent of the space. In sales, Eastchester has the 20th highest sale turnover among other neighborhoods in Bronx with $80.8 million in sales volume in the last two years. For development, Eastchester has had very little major development activity relative to other neighborhoods.It had 18,675 square feet of commercial and multi-family construction under development in the last two years, which represents 0.49 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 84 percent of the 100,077 square feet of built space are industrial buildings, with mixed-use buildings next occupying 16 percent of the space.

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