Nicholas Cestaro pays $2.2M to Easco Boiler Corp. for industrial in Hunts Point

Nicholas Cestaro through the entity 1157 Grinnell Place, LLC paid $2.2 million to Easco Boiler Corp. through the entity Cassanova Real Estate Holdings, LLC for the industrial building (E1) at 1157 Grinnell Place in Hunts Point, Bronx.
The deal closed on November 3, 2023 and was recorded on November 13, 2023. The property has 1,976 square feet of built space and 18,028 square feet of additional air rights for a total buildable of 20,032 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,093 and the price per buildable square foot is $107 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 seller bought the property on August 5, 2013, for $1.5 million. The signatory for Easco Boiler Corp. was Tyren Eastmond. The signatory for Nicholas Cestaro was Nicholas Cestaro. The contract date was July 26, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nicholas Cestaro had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Easco Boiler Corp. had not purchased any other properties and sold six properties in two transactions for a total of $23 million over the same time period.

The property

The industrial building in Hunts Point has 1,976 square feet of built space and 18,028 square feet of additional air rights for a total buildable of 20,032 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,016 square feet. 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 $270,000. The most recent loan totaled $16 million and was provided by Edgewood Capital Advisors on April 30, 2021.

Violations and lawsuits

The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on June 27, 2022, by Tyren Eastmond and Easco Boiler Corp. citing assets of $16 million. 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 $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 $133.3 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 588,591 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 48 commercial properties representing 53,317 square feet of the 427,549 square feet. The largest owner is Turnbridge Equities, followed by Pearl Realty Management and then Jack Guttman.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 427,549 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Nicholas Cestaro owned at least two commercial properties in New York City with 3,000 square feet and a city-determined market value of $872,000. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 3,000 square feet of built space are office properties, with industrial properties next occupying 0 percent of the space. They are all located in Queens.

Direct link to Acris document. link