Royal Waste Services pays $12.3M for industrial in Soundview, 4th recent purchase

Royal Waste Services through the entity M&P Reali Enterprises, Inc paid $12.3 million to Ciminello Property Associates through the entity Cpa Close Avenue LLC for the industrial building (E9) at 973 Close Avenue in Soundview, Bronx, industrial building (E9) at 960 Close Avenue in Soundview, Bronx, and industrial building (E9) at 945 Close Avenue in Soundview, Bronx. The expected use is cash flowing.
The deal closed on October 29, 2024 and was recorded on November 15, 2024. The four properties have 33,340 square feet of built space and 13,426 square feet of additional air rights for a total buildable of 46,787 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $369 and the price per buildable square foot is $263 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 Ciminello Property Associates was Emanuel Ciminello III. The signatory for Royal Waste Services was Paul Reali. The contract date was September 18, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Royal Waste Services purchased three properties in three transactions for a total of $14.6 million and sold two properties in two transactions for a total of $39.2 million over the past 24 months.
The seller Ciminello Property Associates had not purchased any other properties and had not sold any properties over the same time period.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB 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 Soundview, The majority, or 60 percent of the 21.7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Soundview has had very little sales volume relative to other neighborhoods with $187 million in sales volume in the last two years. For development, Soundview is the 6th most active neighborhood among other neighborhoods. It had 5.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 26 percent of the neighborhood’s built space.

The block

On the tax block of 945 Close Avenue, PincusCo has identified the owners of two of the eight commercial properties representing 73,114 square feet of the 94,914 square feet. The two identified owners are Extra Space Storage Inc. and D. Benedetto Inc..
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 94,914 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Royal Waste Services owned at least three commercial properties in New York City with 28,530 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 99 percent of the 28,530 square feet of built space are industrial properties, with specialty properties next occupying 1 percent of the space. The bulk, or 93 percent of the built space, is in Queens, with Bronx next at 7 percent of the space.

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