Muss Development sells Staten Island parking lot owned for decades for $15.2M to city for school

NYC School Construction Authority through the entity New York City School Construction Authority paid $15.2 million to Muss Development through the entity Allied St. George LLC for the parking lot (G6) at 25 Wall Street in St George, Staten Island. The expected use is ground up development.
The deal closed on August 24, 2026 and was recorded on September 30, 2026. The property has zero square feet of built space and 112,013 square feet of additional air rights for a total buildable of 112,013 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $136 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 Muss Development was the firm’s president, Jason Muss. The signatory for NYC School Construction Authority was Tina Isselbacher . The contract date was August 13, 2025. The Muss family, through Hyman and Ruth Muss, had owned this parcel since at least 1975.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer NYC School Construction Authority purchased 25 properties in four transactions for a total of $32.7 million and has no record it sold any properties over the past 24 months.
The seller Muss Development had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 167 feet and is 283 feet deep with a total lot size of 46,096 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,250 in ECB penalties 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 block

There are no active new building construction projects on this tax block.

All properties are industrial.

The seller

The PincusCo database currently indicates that Muss Development owned at least 21 commercial properties with 216 residential units in New York City with 2,300,623 square feet and a PincusCo-determined asset value of $747.1 million. The portfolio has $219 million in debt, with top three lenders as Bank of America , Symetra Life Insurance Company , and MetLife respectively. Within the portfolio, the bulk, or 47 percent of the 2,300,623 square feet of built space are office properties, with condo properties next occupying 26 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Brooklyn next at 40 percent of the space.

The buyer

The PincusCo database currently indicates that NYC School Construction Authority owned at least 66 commercial properties with two residential units in New York City with 1,184,167 square feet and a PincusCo-determined asset value of $856.7 million. Within the portfolio, the bulk, or 60 percent of the 1,184,167 square feet of built space are specialty properties, with development properties next occupying 10 percent of the space. The bulk, or 34 percent of the built space, is in Manhattan, with Bronx next at 34 percent of the space.

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