Siqi Liao pays $8.8M for office building in Rosebank, Staten Island

Siqi Liao through the entity Chang An Real Property LLC paid $8.8 million to Julius Nasso through the entity Bay Street Partner LLC for the office building (O5) at 110 Edgewater Street in Rosebank, Staten Island.
The deal closed on January 3, 2024 and was recorded on March 6, 2024. The property has 55,723 square feet of built space and 28,849 square feet of additional air rights for a total buildable of 67,882 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $157 and the price per buildable square foot is $129 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 Julius Nasso was Julius Nasso. The signatory for Siqi Liao was Siqi Liao. Julius Nasso is the founder of Big City Group.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Siqi Liao had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Julius Nasso had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Rosebank has 55,723 square feet of built space and 28,849 square feet of additional air rights for a total buildable of 67,882 square feet according to a PincusCo analysis of city data. The parcel has frontage of 146 feet and is 261 feet deep with a total lot size of 33,941 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $7.6 million.

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 four 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 block

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

The majority, or 50 percent of the 78,287 square feet of built space are office buildings, with retail buildings next occupying 25 percent of the space.

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