Global logistics investor Realterm pays $5M to Hampshire Companies for property in Pelham Parkway

Realterm Logistics through the entity RLF II Stillwell, LLC paid Hampshire Companies’s Stillwell Storage LLC $5.1 million for 1538 Stillwell Avenue, Bassett Avenue in Pelham Parkway. The deal closed on December 24, 2019, and was recorded on January 3, 2020. The transaction consists of 2 parcels, including the tax class land not zoned residential or Manhattan below 110th Street (V1). The parcel(s) have total development potential of 46,157 square feet.
The average sale price per square foot is $110.

The Realterm fund that acquired the property was part of the Realterm Logistics Fund (RLF) series, a closed-end, value-added fund series. The last time the property sold was December 27, 2012, for $3,043,292.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $88,800. There has been one new building permit application totaling 22,258 square feet. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link