Kartsonis Realty pays $4.5M for development in Heartland Village

Kartsonis Realty through the entity Kartsonis Realty II, LLC paid $4.5 million to Stephen Fiszel through the entity 2259 Richmond Avenue LLC for midblock development building at 2259 Richmond Avenue in Heartland Village, Staten Island.
The deal closed on May 27, 2022 and was recorded on June 24, 2022. The property has zero square feet of built space and 8,004 square feet of additional air rights for a total buildable of 8,004 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $555 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 Kartsonis Realty was Dean Kartsonis. Dean Kartsonis is the owner of Kartsonis Realty. Stephen Fiszel previously transferred the deed to the seller LLC.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Kartsonis Realty had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stephen Fiszel had not purchased any other properties and had not sold any properties over the same time period. The 0-square-foot property generated revenue of $107,146 according to the most recent income and expense figures.

The property

The 2259 Richmond Avenue parcel has frontage of 118 feet and is 127 feet deep with a total lot size of 16,008 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $720,000.

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 $1,250 in ECB penalties and $1,250 in OATH penalties in the last year.

Development

On these lots, there is one active new building construction project for a 2,053-square-foot B building. The project was developed by Mark Drangel with plans filed November 22, 2017 and permitted February 25, 2021.

The block

On this tax block, PincusCo has identified the owners of one of the 11 commercial properties representing 28,500 square feet of the 216,292 square feet. The identified owner is Integration Charter Schools. There is one active new building construction project totaling 2,053 square feet. It is a 2,053-square-foot B building developed by Mark Drangel with plans filed November 22, 2017 and permitted February 25, 2021.

The majority, or 56 percent of the 223,960 square feet of built space are retail buildings, with mixed-use buildings next occupying 29 percent of the space.

Surrounding

Within a 400-foot radius of 2259 Richmond Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a sale which Integration Charter Schools bought the 28,500-square-foot, mixed-use building (K2) on 2245 Richmond Avenue for $14.1 million from Goldshore family on October 18, 2021.

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