Pegasus Investment pays Abingdon Square Partners $31M for storage in Staten Island

Pegasus Investment Partners through the entity Pegasus 22 Zebra Pl, LLC acquired an interest from Abingdon Square Partners through the entity Veterans Road Spe LLC valued at $31 million for the storage building at 2601 Veterans Road West in Rossville, Staten Island.
The deal closed on May 11, 2022 and was recorded on June 2, 2022. The property has 140,830 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $220 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 March 9, 2017, for $18.7 million. Abingdon Square Partners is located at the same address as the seller LLC.  Patrick O’Neil is principal of Pegasus Investment Partners. 

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Pegasus Investment Partners had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Abingdon Square Partners sold two properties in two transactions for a total of $57.2 million over the same time period. The 140,830-square-foot property generated revenue of $2.7 million or $19 per square foot, according to the most recent income and expense figures.

The property

The 2601 Veterans Road West parcel has frontage of 345 feet and is 124 feet deep with a total lot size of 68,872 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing.

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 received one DOB violation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 19, 2019. 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

There is one active new building construction project totaling 10,459 square feet. It is a 10,459-square-foot A-3 building developed by Muzafer Mustafoski with plans filed January 22, 2020 and it has not been permitted yet.

The majority, or 97 percent of the 144,476 square feet of built space are industrial buildings, with mixed-use buildings next occupying 2 percent of the space.

Surrounding

Within a 400-foot radius of 2601 Veterans Road West, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit issued on July 20, 2021 for a 97,337-square-foot S-1 building at 2636 Arthur Kill Road.

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