NYC School Construction Authority pays $9M for two properties in Staten Island
The New York City School Construction Authority paid $9 million to the Roman Catholic Church of Our Lady of Pity for specialty building at 24 Shelley Avenue in Travis-Chelsea, Staten Island and development building on Victory Boulevard in Travis-Chelsea, Staten Island.
The deal closed on January 21, 2022 and was recorded on March 10, 2022.The two properties have 4,280 square feet of built space and 76,440 square feet of additional air rights for a total buildable of 81,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,102 and the price per buildable square foot is $111 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 Church of Our Lady of Pity was Rev. John Wroblewski.
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 24 Shelley Avenue.
Prior sales and revenue
Prior to this transaction, Pincusco has records that the buyer NYC School Construction Authority purchased 10 properties in eight transactions for a total of $199.2 million and has no record it sold any properties over the past 24 months.
The seller Church of Our Lady of Pity had not purchased any other properties and had not sold any properties over the same time period.
The property
The 24 Shelley Avenue parcel has frontage of 68 feet and is 318 feet deep with a total lot size of 57,000 square feet. The lot is irregular. The zoning is R3A which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 million.
Violations and lawsuits
The properties were not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the properties have not received any significant violations in the last year.
Development
On these lots, there is one active new building construction project for an 80,000-square-foot school (E) building. The project was developed by the SCA with plans filed March 3, 2022 and it has not been permitted yet.
The block
There are two active new building construction projects totaling 80,001 square feet. The largest is an 80,000-square-foot E building developed by the SCA with plans filed March 3, 2022 and it has not been permitted yet. The second largest is a storage (S-2) building developed by Alan Poritz with plans filed April 17, 2018 and it has not been permitted yet.
The majority, or 92 percent of the 50,636 square feet of built space are 1-4 family buildings, with specialty buildings next occupying 8 percent of the space.
The buyer
The PincusCo database currently indicates that the NYC Department of Education owns more than 900 properties with 99 million square feet.
Surrounding
Within a 400-foot radius of 24 Shelley Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit application filed on March 3, 2022 for a 76,826-square-foot E building at 4074 Victory Boulevard.
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