Realterm pays $37.8M to Parallel Products for warehouses in Mott Haven, last sold for $5M in 2006

The logistics firm Realterm through the entity Rlif 138th Street Spe, LLC paid $37.8 million to Parallel Products through the entity Erp Real Estate 2005a, Inc. for warehouse (Z9) buildings at 900 East 138th Street in Mott Haven, Bronx, industrial (G7) at N/A Rose Feiss Boulevard in Mott Haven, Bronx, and industrial (G7) at N/A Rose Feiss Boulevard in Mott Haven, Bronx.
The deal closed on May 7, 2021 and was recorded on May 26, 2021.
The three properties have 35,681 square feet of built space and 127,665 square feet of additional air rights for a total buildable of 163,346 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,058 and the price per buildable square foot is $231 per the PincusCo analysis.
The signatory for Parallel Products was Eugene W. Kiesel.

Realterm is a real estate logistics firm. According to its website, it manages $3 billion of equity in private real estate investment platforms. Parallel Products is a beverage and materials recycling company. Its affiliate ERP Real Estate bought the parcels in 2006 for $5.1 million.

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