HF Capital, Joyland pay $45.6M to David Berman for Staten Island retail

HF Capital and Joyland Management through the entity Mt Veterans LLC paid $45.6 million to David Berman through the entity Veterans Road Holdings, LLC for midblock mixed-use building at 2965 Veterans Road West in Charleston, Staten Island, midblock retail building at 2925 Veterans Road West in Charleston, Staten Island, and midblock retail building at 2935 Veterans Road West in Charleston, Staten Island.
The deal closed on March 15, 2022 and was recorded on June 14, 2022. The three properties have 137,390 square feet of built space and 201,076 square feet of additional air rights for a total buildable of 335,781 square feet according to PincusCo analysis of city data. The sale price per built square foot is $331 and the price per buildable square foot is $135 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 HF Capital was Howard Hershkovich.  Joyland Management is located at the same address as buyer LLC.

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 2965 Veterans Road West.

Prior sales and revenue

The three properties with a total of 137,390 square feet of built space generated revenue of $5.6 million per year or $41 per square foot. The sale price per square foot was $332.

The property

The 2965 Veterans Road West parcel has frontage of 117 feet and is 196 feet deep with a total lot size of 23,552 square feet. 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 $5.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received two DOB violations and $2,000 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 $5 million on this tax lot.

The block

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

The majority, or 80 percent of the 137,390 square feet of built space are retail buildings, with mixed-use buildings next occupying 20 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 2965 Veterans Road West that occurred over the past 24 months.

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