PepsiCo pays $7.75M for industrial lots in Hunts Point

PepsiCo through the entity Rolling Frito-Lay Sales, L.P. paid $7.75 million to Tyren Eastmond of Easco Boiler through the entity 1140/530 Equity, LLC for three lots including 1140 Randall Avenue and 535 Craven Street in Hunts Point, Bronx.
Easco Boiler has been selling properties after filing for bankruptcy protection in 2022.
The deal closed on October 13, 2023 and was recorded on October 23, 2023. The three properties have zero square feet of built space and 49,994 square feet of additional air rights for a total buildable of 49,994 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $155 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.)

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 1140 Randall Avenue.

The property

The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 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 $405,000. The most recent loan totaled $16 million and was provided by Edgewood Capital Advisors on April 30, 2021.
The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,499 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 $403,000. The most recent loan totaled $16 million and was provided by Edgewood Capital Advisors on April 30, 2021.
The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,499 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 $342,000. The most recent loan totaled $16 million and was provided by Edgewood Capital Advisors on April 30, 2021.

Violations and lawsuits

The properties were 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 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 $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 $141.8 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 519,353 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 the tax block of 1140 Randall Avenue, PincusCo has identified the owners of 17 of the 78 commercial properties representing 201,424 square feet of the 789,062 square feet. The largest owner is Andrew Horan, followed by Arlington Leon Eastmond Jr. and then Baco Enterprises.
On the tax block, there were two new building construction projects totaling 19,642 square feet. The largest is a 14,642 square-foot storage (S-2) building submitted by Julio Reyes with plans filed July 20, 2018 and it has not been permitted yet. The second largest is a 5,000 square-foot storage (S-1) building submitted by Steve Zervoudis with plans filed July 7, 2014 and it has not been permitted yet.

The majority, or 93 percent of the 789,062 square feet of built space are industrial buildings, with retail buildings next occupying 3 percent of the space.

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