Michael Steg pays $3.8M to Joseph Chiofalo, Andrew Greco for industrial in Charleston, SI

Michael S. Steg through the entity Sharrots Business Park LLC paid $3.8 million to Joseph Chiofalo and Andrew Greco through the entity Block 7400 Realty LLC for industrial building (E1) at 680 Sharrotts Road in Charleston, Staten Island.
The deal closed on July 27, 2022 and was recorded on September 15, 2022. The property has 14,997 square feet of built space and 19,668 square feet of additional air rights for a total buildable of 34,506 square feet according to PincusCo analysis of city data. The sale price per built square foot is $250 and the price per buildable square foot is $108 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 Chiofalo and Andrew Greco was Joseph Chiofalo and Andrew Greco. The signatory for Michael S. Steg was Michael S. Steg. The buyer entity is incorrect in the transfer cover sheet, and should be Sharrots Business Park LLC.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Michael S. Steg purchased one properties in one transactions for a total of $4.4 million and has no record it sold any properties over the past 24 months.
The seller Joseph Chiofalo had not purchased any other properties and sold one properties in one transactions for a total of $4.4 million over the same time period. The 14,997-square-foot property generated revenue of $275,701 or $18 per square foot, according to the most recent income and expense figures.

The property

The 680 Sharrotts Road parcel has frontage of 300 feet and is 115 feet deep with a total lot size of 34,506 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $9,000.

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 one DOB violation, $1,280 in ECB penalties, and $1,280 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 $5 million on this tax lot.

The block

There are four active new building construction projects totaling 31,782 square feet. The largest is a 19,500-square-foot F-2 building developed by Jeff Arcello with plans filed August 7, 2015 and permitted December 2, 2015. The second largest is a  5,882-square-foot U building developed by Dzevat Mersimovski with plans filed October 25, 2016 and it has not been permitted yet.

The majority, or 80 percent of the 284,436 square feet of built space are industrial buildings, with office buildings next occupying 18 percent of the space.

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