Mestousis Realty pays $10.5M for industrial in Hunts Point

Mestousis Realty through the entity Mestousis 401 Holdings LLC paid $10.5 million to Darlene Rebak, Peter Stelzer, Tracey Hyams, and Kerry Hurwitz through the entity 401 Hunts Point LLC for the industrial building (F4) at 1360 Drake Park South in Hunts Point, Bronx and industrial building (F4) at 401 Hunts Point Avenue in Hunts Point, Bronx. The expected use is cash flowing.
The deal closed on March 25, 2026 and was recorded on March 27, 2026. The two properties have 40,429 square feet of built space and 58,978 square feet of additional air rights for a total buildable of 99,528 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $260 and the price per buildable square foot is $105 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 Darlene Rebak , Peter Stelzer, Tracey Hyams, and Kerry Hurwitz was Darlene Rebak. The signatory for Mestousis Realty was Nicholas Mestousis . The contract date was November 25, 2025.

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 401 Hunts Point Avenue.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Mestousis Realty had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Darlene Rebak had not purchased any other properties and had not sold any properties over the same time period. The two properties with a total of 40,429 square feet of built space generated revenue of $469,939 per year or $12 per square foot. The sale price per square foot was $260.

The property

The industrial building in Hunts Point has 40,429 square feet of built space and 58,978 square feet of additional air rights for a total buildable of 99,528 square feet according to a PincusCo analysis of city data. The parcel has frontage of 56 feet and is 225 feet deep with a total lot size of 15,635 square feet. The lot is irregular. 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 $1.4 million.

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 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 neighborhood

In Hunts Point, The majority, or 59 percent of the 14.4 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 had very little sales volume relative to other neighborhoods with $107.7 million in sales volume in the last two years. For development, Hunts Point has had very little major development activity relative to other neighborhoods.It had 280,417 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 401 Hunts Point Avenue, PincusCo has identified the owners of 12 of the 63 commercial properties representing 81,194 square feet of the 364,852 square feet. The largest owner is Asen Kostadinov, followed by Mark Calem and then Jack Guttman.
On the tax block, there were two new building construction projects totaling 11,500 square feet. The largest is a 11,300 square-foot 58 building submitted by Convergent Energy and Power and filed by Joseph Busch with plans filed October 15, 2024 and permitted February 18, 2026. The second largest is a 200 square-foot institutional (I) building submitted by Javier Valverde with plans filed September 14, 2021 and permitted July 3, 2024.

The majority, or 91 percent of the 364,852 square feet of built space are industrial buildings, with retail buildings next occupying 5 percent of the space.

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