SAPS Wholesale pays $5.8M to BNS for industrial in East Morrisania

SAPS Wholesale Inc. through the entity Saps Home-Freeman LLC paid $5.8 million to BNS Real Estate through the entity 1077 Home Street LLC for the industrial building (G1) at 1077 Home Street in East Morrisania, Bronx. The expected use is owner-occupied.
The deal closed on December 12, 2024 and was recorded on December 24, 2024. The property has 20,000 square feet of built space for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $287 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 BNS Real Estate was Bradford S. Barr. The signatory for SAPS Wholesale Inc. was Parth Amin. The contract date was August 7, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer SAPS Wholesale Inc. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller BNS Real Estate had not purchased any other properties and sold three properties in three transactions for a total of $22.3 million over the same time period.

The property

The industrial building in East Morrisania has 20,000 square feet of built space for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 20,000 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 $987,000.

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 $2,500 in ECB penalties and $2,500 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 East Morrisania, The bulk, or 43 percent of the 12 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, East Morrisania has had very little sales volume relative to other neighborhoods with $76.2 million in sales volume in the last two years. For development, East Morrisania has had very little major development activity relative to other neighborhoods.It had 564,303 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 16 commercial properties representing 304,145 square feet of the 384,643 square feet. The two identified owners are Metropolitan Realty Group and Alan M.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 384,643 square feet of built space are elevator buildings, with industrial buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that Bns Real Estate owned at least two commercial properties with 80 residential units in New York City with 139,803 square feet and a city-determined market value of $14.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 139,803 square feet of built space are industrial properties, with elevator properties next occupying 44 percent of the space. The bulk, or 56 percent of the built space, is in Bronx, with Brooklyn next at 44 percent of the space.

The buyer

The PincusCo database currently indicates that Saps Wholesale Inc. owned at least one commercial property in New York City with 9,800 square feet and a city-determined market value of $639,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property. It is located in Bronx.

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