Mordechia Mittelman pays $8.5M for two development properties in Staten Island

Mordechia Mittelman through the entity Arthur Englewood LLC paid $8.5 million to North American Foreign Trading Corp. through the entity North American Foreign Trading Corp. for the development sites (V1) at 4400 Arthur Kill Road and along Englewood Avenue in Charleston, Staten Island.
The deal closed on January 19, 2023 and was recorded on February 7, 2023. The two properties have zero square feet of built space and 353,707 square feet of additional air rights for a total buildable of 353,707 square feet according to PincusCo analysis of city data. The sale price per built square foot is $N/A and the 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 North American Foreign Trading Corp. was Samuel Lowinger. The signatory for Mordechia Mittelman and Joel Wertzberger was Mordechia Mittelman. North American Foreign Trading Corp. acquired the parcels in 1978. Joel Wertzberger recorded a memorandum of restrictions on the property.

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 4400 Arthur Kill Road.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Mordechia Mittelman had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller North American Foreign Trading Corp. had not purchased any other properties and had not sold any properties over the same time period.

The property

The N/A Arthur Kill Road parcel has frontage of 322 feet and is 747 feet deep with a total lot size of 185,130 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 $2.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. 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 $5 million on this tax lot.

The block

On the tax block, there was one new building construction project filed totaling 15,750 square feet. It is a N/A-unit, 15,750-square-foot F-2 building developed by Gerard Petri with plans filed March 2, 2015 and it has not been permitted yet.

The majority, or 71 percent of the 33,215 square feet of built space are industrial buildings, with mixed-use buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Joel Wertzberger owned at least 26 commercial properties in New York City with 378,153 square feet and a city-determined market value of $50.3 million. (Market value is typically about 50% of actual value.) The portfolio has $163.6 million in debt, with top three lenders as Citibank, Dime Community Bank, and Webster Bank respectively. Within the portfolio, the bulk, or 61 percent of the 378,153 square feet of built space are elevator properties, with walkup properties next occupying 22 percent of the space. The bulk, or 74 percent of the built space, is in Brooklyn, with Bronx next at 26 percent of the space.
The PincusCo database currently indicates that Mordechia Mittelman owned at least one commercial property in New York City with 3,796 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Hanover Community Bank. The portfolio consists of at least a single B1 property. It is located in Brooklyn.

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