Royal Waste Services pays $6.8M for industrial in Soundview

Royal Waste Services paid $6.8 million to Maria D. Trapani for two industrial parcels in Soundview, the Bronx, in two transactions.

In the first, Royal Waste Services through the entity M & P Reali Enterprises, Inc. paid $4 million to Maria D. Trapani through the entity Renato Associates LLC for the industrial building (G2) at 1454-1456 Bruckner Blvd in Soundview, Bronx. The expected use is cash flowing.
The deal closed on October 24, 2024 and was recorded on October 30, 2024. The property has 1,750 square feet of built space and 12,510 square feet of additional air rights for a total buildable of 14,217 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,285 and the price per buildable square foot is $281 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.)

In the second, Royal Waste Services through the entity M & P Reali Enterprises, Inc. paid $2.8 million to Maria D. Trapani through the entity The Renato Corporation for the specialty building (Z9) at 1458 Bruckner Boulevard in Soundview, Bronx. The expected use is cash flowing. The deal closed on October 24, 2024 and was recorded on October 30, 2024. The property has 180 square feet of built space and 20,295 square feet of additional air rights for a total buildable of 20,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $15,555 and the price per buildable square foot is $136 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 November 3, 2003, for $297,500. The signatory for Maria D. Trapani was Maria D. Trapani. The signatory for Royal Waste Services was Paul Reali. The contract date was September 23, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Royal Waste Services had purchased any other properties and sold two properties in two transactions for a total of $39.2 million over the past 24 months.
The seller Maria D. Trapani had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Soundview has 1,750 square feet of built space and 12,510 square feet of additional air rights for a total buildable of 14,217 square feet according to a PincusCo analysis of city data. The parcel has frontage of 145 feet and is 98 feet deep with a total lot size of 14,217 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $830,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,000 in OATH penalties 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 $185.7 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

There are no active new building construction projects on this tax block.

The majority, or 99 percent of the 13,470 square feet of built space are industrial buildings, with specialty buildings next occupying 1 percent of the space.

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