Sitex Group pays $30M to Joseph Rizzuto for dev site in Greenpoint

Sitex Group through the entity Cpi/Sitex 360 Kingsland Industrial Owner, L.L.C. paid $30 million to Joseph Rizzuto through the entity 360 Kingsland Ave Realty LLC for industrial building at 360 Kingsland Avenue in Greenpoint, Brooklyn and industrial building at N/A Kingsland Avenue in Greenpoint, Brooklyn.
The deal closed on January 14, 2022 and was recorded on February 16, 2022.
The two properties have 8,000 square feet of built space and 173,164 square feet of additional air rights for a total buildable of 180,880 square feet according to PincusCo analysis of city data. The sale price per built square foot is $3,750 and the price per buildable square foot is $165 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 Joseph Rizzuto was Joseph Rizzuto. The signatory for Sitex Group was Brian Milberg.
Prior to this transaction, the buyer Sitex Group purchased three properties in three transactions for a total of $62.8 million and sold four properties in three transactions for a total of $123.6 million over the past 24 months.
The seller Joseph Rizzuto had not purchased any other properties and had not sold any properties over the same time period.
Out of the two properties, one with a total of 8,000 square feet of built space generated revenue of $421,191 per year.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. One of the projects were to change the building from a B-2 to a B.
In Greenpoint, the bulk, or 23 percent of the 29.6 million square feet of built space are residential walkup buildings, with industrial buildings next occupying 21 percent of the space. In sales, Greenpoint has 1.6 times the average sales volume among other neighborhoods with $450.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has 3.7 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.
On the tax block, all properties are industrial.

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