Mordechia Mittelman pays $6.5M to Lowinger family for large dev site on Staten Island

UPDATED: Mordechia Mittelman through the entity Kent Str LLC and SI 250 LLC paid $6.5 million to Samuel Lowinger through the entity RAL Realty, LLC for two development parcels (V1) along the south side of Sharrotts Road in Charleston, Staten Island. Mordechia Mittelman’s parcel starts about 72 feet west of Brick Road and runs to the tidal strait Arthur Kill. The acquisition occurred in two transactions, one for $4.8 million and the other for $1.7 million.
This is Mittelman’s second large purchase in the area this year. He paid $8.5 million for two parcels along Arthur Kill Road in January.
The deal closed on January 19, 2023 and was recorded on February 17, 2023. The property has zero square feet of built space and 195,000 square feet of additional air rights for a total buildable of 195,000 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $24 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 Samuel Lowinger was Samuel Lowinger. The signatory for Mordechia Mittelman was Mordechia Mittelman. The seller of the parcel in 2001 was Maurice Lowinger and the buyer at the time was RAL Realty, a company with Ronald Lowinger as the process agent.

Prior sales and revenue

The seller Samuel Lowinger had not purchased any other properties and had not sold any properties in the past two years.

The property

The Sharrotts Road parcel has frontage of 1,110 feet and is 175 feet deep with a total lot size of 195,000 square feet. The lot is irregular. 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 $236,000.

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 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 $5 million on this tax lot.

The block

On the tax block, there were four 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.
Clarification: The original post only included the larger $4.8 million transaction of the two transactions that total $6.5 million.

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