Innovo Property pays $102.5M to Pearl Realty, Vornado for Hunts Point industrial

Innovo Property Group paid a total of $102.5 million in two transactions to Pearl Realty Management and Vornado Realty Trust for industrial property in Hunts Point.

In the larger transaction, Innovo Property Group through the entity 1110 Oak Point Owner, LLC paid $92.5 million to Pearl Realty Management through the entity 1381 Myrtle Realty Corp for industrial (U9) at 1110 Oak Point Avenue in Hunts Point, Bronx and industrial (Z9) at N/A Tiffany Street in Hunts Point, Bronx.
The deal closed on June 4, 2021 and was recorded on June 15, 2021.
The two properties have 67,000 square feet of built space and 864,800 square feet of additional air rights for a total buildable of 932,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,380 and the price per buildable square foot is $99 per the PincusCo analysis.
The signatory for Pearl Realty Management was Jack Guttman. The signatory for Innovo Property Group was Ryan Bathie.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $267,050. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $661,525.
Commercial Observer reports the plan for the space involves more warehouses and parking for “last mile” distribution.
Within a 400-foot radius of 1110 Oak Point Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit applications filed on December 18, 2020 for the $2.8 million renovation of 91,456-square-foot S-2 building with N/A residential units at 511 Barry Street.

Direct link to Acris document. link

In the second transaction, Innovo Property Group through the entity 155 Tiffany Street Owner, LLC paid $10 million to Vornado Realty Trust through the entity Alexander’s, Inc. for industrial (Z9) at N/A Tiffany Street in Hunts Point, Bronx.
The deal closed on June 4, 2021 and was recorded on June 15, 2021.
The property has 0 square feet of built space and 372,000 square feet of additional air rights for a total buildable of 372,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $N/A and the price per buildable square foot is $26 per the PincusCo analysis.
The owner bought the property on 21-Apr-16, for $24 million.
The signatory for Vornado Realty Trust was Steven J. Borenstein. The signatory for Innovo Property Group was Ryan Bathie.

This is an interest Vornado through its division Alexander’s held on a parcel along Tiffany Street that abuts the parcel Innovo bought for $92.5 million.

Direct link to Acris document. link

To finance the purchases, Innovo Property Group through the entity 1110 Oak Point Owner, LLC as borrower signed a acquisition loan with lender Cerberus Real Estate Capital through the entity Cre Lender Sub Iv, LLC valued at $110.2 million for two industrials including the industrial (U9) at 1110 Oak Point Avenue in Hunts Point, Bronx and industrial (Z9) at N/A Tiffany Street in Hunts Point, Bronx.
The deal closed on June 4, 2021 and was recorded on June 15, 2021.
The two properties have 67,000 square feet of built space and 864,800 square feet of additional air rights for a total buildable of 932,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,644 and the price per buildable square foot is $118 per the PincusCo analysis.
The signatory for Innovo Property Group was Ryan Bathie.

Direct link to Acris document. link