Homeless services group pays $9M to marble company for industrial in Hunts Point

The homeless services group New York Common Pantry through the entity Oak Point Hub LLC paid $9 million to Port Morris Tile & Marble Corp. through the entity Marjerry Realty Corp. for industrial building (E1) at 1285 Oak Point Avenue in Hunts Point, Bronx.
The deal closed on October 19, 2022 and was recorded on November 7, 2022. The property has 20,000 square feet of built space and 20,000 square feet of additional air rights for a total buildable of 40,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $450 and the price per buildable square foot is $225 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 Port Morris Tile & Marble Corp. was Vincent P. Delazzero II. The signatory for New York Common Pantry was Stephen Grimaldi. Vincent P. Delazzero II owns the Port Morris Tile & Marble Corp., which had been at the location. New York Common Pantry is a homeless services nonprofit. Grimaldi is the executive director.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer New York Common Pantry had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Port Morris Tile & Marble Corp. had not purchased any other properties and had not sold any properties over the same time period. The 20,000-square-foot property generated revenue of $531,570 or $27 per square foot, according to the most recent income and expense figures.

The property

The 1285 Oak Point Avenue parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 20,000 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $500 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 neighborhood

In Hunts Point, the majority, or 59 percent of the 14.5 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 15 percent of the space. In sales, Hunts Point has near average sales volume among other neighborhoods with $383.7 million in sales volume in the last two years and is the 2nd highest in Bronx. For development, Hunts Point has had very little major development activity relative to other neighborhoods.It had 528,636 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 13 of the 78 commercial properties representing 160,774 square feet of the 789,062 square feet. The largest owner is Jack Guttman, followed by IMH Financial and then Arlington Leon Eastmond Jr..
On the tax block, there were two new building construction projects totaling 19,642 square feet. The largest is a N/A-unit, 14,642-square-foot S-2 building developed by Julio Reyes with plans filed July 20, 2018 and it has not been permitted yet.The second largest is a N/A-unit, 5,000-square-foot S-1 building developed by Steve Zervoudis with plans filed July 7, 2014 and it has not been permitted yet.

The majority, or 93 percent of the 789,062 square feet of built space are industrial buildings, with mixed-use buildings next occupying 3 percent of the space.

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