Joseph Fazzia pays $7.2M to Joseph Terranova for three properties in Rossville

Joseph Fazzia through the entity Bloomingdale Arthur Kill LLC paid $7.2 million to Joseph Terranova through the entity R&J Properties, Inc for the industrial building (E1) at 2664 Arthur Kill Road in Rossville, Staten Island, mixed-use building (K1) at 961 Bloomingdale Road in Rossville, Staten Island, and development building (V1) at N/A Bloomingdale Road in Rossville, Staten Island. The expected use is cash flowing.
The deal closed on February 4, 2025 and was recorded on March 18, 2025. The three properties have 13,196 square feet of built space and 169,667 square feet of additional air rights for a total buildable of 182,826 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $549 and the price per buildable square foot is $39 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 Joseph Terranova was Mary Lou Terranova. The signatory for Joseph Fazzia was Joseph A. Fazzia. The contract date was November 25, 2024.

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 2664 Arthur Kill Road.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joseph Fazzia had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Terranova had not purchased any other properties and had not sold any properties over the same time period. Out of the three properties, one with a total of 13,196 square feet of built space generated revenue of $500,037 per year.

The property

The industrial building in Rossville has 13,196 square feet of built space and 169,667 square feet of additional air rights for a total buildable of 182,826 square feet according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 315 feet deep with a total lot size of 36,900 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $680,558.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 $1 million on this tax lot.

The block

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

The majority, or 100 percent of the 98,500 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

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