Island Auto Group pays $8.5M for car dealership location in Midland Beach

Island Auto Group through the entity 1855 Hylan Blvd Realty, LLC paid $8.5 million to Richard Salamone through the entity Olympic Realty LLC for the automobile sales location (G8) at 1855 Hylan Boulevard in Midland Beach, Staten Island. The expected use is owner-occupied.
The deal closed on December 30, 2024 and was recorded on February 7, 2025. The property has 12,200 square feet of built space and 54,651 square feet of additional air rights for a total buildable of 66,975 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $696 and the price per buildable square foot is $126 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 May 29, 2007, for $12 million. The signatory for Richard Salamone was Richard Salamone. The signatory for Island Auto Group was Joshua Aaronson. The contract date was October 20, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Island Auto Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Richard Salamone had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Midland Beach has 12,200 square feet of built space and 54,651 square feet of additional air rights for a total buildable of 66,975 square feet according to a PincusCo analysis of city data. The parcel has frontage of 262 feet and is 223 feet deep with a total lot size of 53,580 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

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

The majority, or 58 percent of the 29,200 square feet of built space are retail buildings, with industrial buildings next occupying 42 percent of the space.

Direct link to Acris document. link