Grocer Spencer An pays $8.7M to Procida Companies for retail building in Morrisania

The supermarket store owner Spencer An through the entity Bg 163rd LLC paid $8.7 million to Procida Companies through the entity Plaza 163 LLC for retail building at 445 East 163rd Street in Morrisania, Bronx.
The deal closed on December 8, 2021 and was recorded on January 31, 2022.
The property has 42,250 square feet of built space and 300,831 square feet of additional air rights for a total buildable of 342,668 square feet according to PincusCo analysis of city data. The sale price per built square foot is $205 and the price per buildable square foot is $25 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 April 12, 2006, for $722,636.
The signatory for Procida Companies was Mario Procida. The signatory for Spencer An was Spencer An.
Prior to this transaction, the buyer Spencer An purchased one property in one transactions for a total of $21 million and had not sold any properties over the past 24 months.
The seller Procida Companies had not purchased any other properties and had not sold any properties over the same time period.
The 42,250-square-foot property generated revenue of $1.4 million or $34 per square foot, according to the most recent income and expense figures.

(220035290)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on August 25, 2020. (220035290) Plans for a 35,584 square-foot M were filed on November 4, 2009 and were permitted on July 30, 2010.
Mario Procida is CFO of Procida Companies.
In Morrisania, the bulk, or 47 percent of the 29.3 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Morrisania has had very little sales volume relative to other neighborhoods with $64.9 million in sales volume in the last two years. For development, Morrisania has had very little major development activity relative to other neighborhoods.It had 767,412 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 91 percent of the 46,474 square feet of built space are retail buildings, with industrial buildings next occupying 9 percent of the space.
Within a 400-foot radius of 445 East 163rd Street, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a filing on March 17, 2021 for a 30,017-square-foot R-1 building with 98 residential units at 975 Washington Avenue.
One of those six items was a sale which Westrock Development bought the 3,750-square-foot, one-unit industrial (F1) on 439 East 164th Street and six other properties for $14 million from Isaac Kubersky on October 1, 2020.
Of those six items, three were loans above $5 million totaling $87.1 million. The most recent of the three was Westrock Development which borrowed $6 million from Webster Bank secured by the 3,750-square-foot, one-unit industrial (F1) on 439 East 164th Street and six other properties on October 1, 2020.

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