Concrete recycling firm pays $1.7M for lot in Hunts Point

Domnick Eugene of Bronx City Recycling through the entity Viele Real Estate Holding Co., Inc. paid $1.7 million to James Ruggiero and Louis Ruggiero through the entity 275 Halleck Street LLC for the 4,999-square-foot industrial yard (Z9) at 275 Halleck Street in Hunts Point, Bronx. Bronx City Recycling recycles fill materials such as concrete, rocks and bricks.
The deal closed on October 12, 2023 and was recorded on October 20, 2023. The property has 450 square feet of built space and 9,548 square feet of additional air rights for a total buildable of 9,998 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $170 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 February 25, 2019, for $700,000. The signatory for James Ruggiero and Louis Ruggiero was James Ruggiero and Louis Ruggiero. The signatory for Domnick Eugene was Domnick Eugene. The contract date was March 24, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Domnick Eugene had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller James Ruggiero had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Hunts Point has 450 square feet of built space and 9,548 square feet of additional air rights for a total buildable of 9,998 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $114,000.

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 $400 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 Hunts Point, The majority, or 59 percent of the 14.4 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 15 percent of the space. In sales, Hunts Point has had very little sales volume relative to other neighborhoods with $141.8 million in sales volume in the last two years. For development, Hunts Point has had very little major development activity relative to other neighborhoods.It had 519,353 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 37 commercial properties representing 144,625 square feet of the 649,641 square feet. The largest owner is Pearl Realty Management, followed by Jack Guttman and then Heidi Holterbosch.
On the tax block, there were 15 new building construction projects totaling 67,190 square feet. The largest is a 5,400 square-foot industrial (F-2) building submitted by Nayan Shah with plans filed September 20, 2020 and it has not been permitted yet. The second largest is a 5,400 square-foot industrial (F-2) building submitted by Nayan Shah with plans filed September 20, 2020 and it has not been permitted yet.

The majority, or 98 percent of the 649,641 square feet of built space are industrial buildings, with specialty buildings next occupying 2 percent of the space.

Direct link to Acris document. link