Petroleum Marketing Group pays $27M to Crow Holdings for interest in gas station properties in NYC

Petroleum Marketing Group through the entity PMG NY, LLC paid Dallas-based Crow Holdings’s CH Realty VII/CG North East Blue Hills, L.L.C. $27.4 million for 1879 Westchester Avenue, 1419 Bronx River Avenue, 641 East Gun Hill Road, 3602 Snyder Avenue, 219-02 Horace Harding Expwy, and others in Bronx. The deal closed on December 31, 2019, and was recorded on January 24, 2020. The transaction consists of 19 parcels, including the tax class garage and gas station combined (G3). The parcels have total development potential of 407,714 square feet.
The average sale price per square foot is $67.

Petroleum Marketing Group took control of the properties from Crow Holdings on December 31, 2019, and at the same time refinanced dozens of properties in New York City and beyond, which PincusCo reported earlier this month. The NYC portion of debt totaled $172 million. The last time the property sold was December 29, 2015, for $1,171,908.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $75,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link