SI Advance, part of Conde Nast publishing empire, sells long-time HQ for $13M

The entity 950 W. Fingerboard LLC paid $13 million to the S.I. Newhouse family holding company Advance through the entity Advance Local Media LLC for the office building at 950 West Fingerboard Road in Concord, Staten Island.
This is the long-time home to the Staten Island Advance, which is owned by the 100-year-old parent company of Conde Nast and others, Advance, founded in 1922 by S.I. Newhouse. This building opened in approximately 1960. The buyer LLC is at the address of Benzion M. Mandelbaum in Brooklyn.
The deal closed on December 21, 2021 and was recorded on February 15, 2022.
The property has 107,800 square feet of built space and 71,800 square feet of additional air rights for a total buildable of 179,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $120 and the price per buildable square foot is $72 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 107,800-square-foot property generated revenue of $1.6 million or $15 per square foot, according to the most recent income and expense figures.

(520354072)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 5, 2018.

On the tax block, the majority, or 69 percent of the 156,412 square feet of built space are office buildings, with 1-4 family buildings next occupying 14 percent of the space.

Direct link to Acris document. link