SolaREIT pays $3.2M for industrial in Belmont

SolaREIT through the entity Solareit2-A-II LLC paid $3.2 million to William Ausperger through the entity WNT Properties, LLC for the industrial building (E9) at 4452 Park Avenue in Belmont, Bronx and industrial lot (G7) at 4448 Park Avenue in Belmont/Little Italy, Bronx. The expected use is owner-occupied.
The deal closed on September 5, 2024 and was recorded on September 16, 2024. The two properties have 3,525 square feet of built space and 7,050 square feet of additional air rights for a total buildable of 10,575 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $921 and the price per buildable square foot is $307 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 William Ausperger was William Ausperger. The signatory for SolaREIT was Sandoval Coustasse. The contract date was June 9, 2023.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 4452 Park Avenue.

Prior sales and revenue

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

The property

The industrial building in Belmont/Little Italy has 3,525 square feet of built space and 7,050 square feet of additional air rights for a total buildable of 10,575 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 141 feet deep with a total lot size of 3,525 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 $254,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $660 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 Belmont/Little Italy, The bulk, or 43 percent of the 14.3 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 26 percent of the space. In sales, Belmont/Little Italy has had very little sales volume relative to other neighborhoods with $141.4 million in sales volume in the last two years. For development, Belmont/Little Italy has had very little major development activity relative to other neighborhoods.It had 730,834 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 the tax block of 4452 Park Avenue, PincusCo has identified the owners of six of the 29 commercial properties representing 237,634 square feet of the 372,101 square feet. The largest owner is City Of New York, followed by Diamond Property Group and then Belmont Arthur Avenue Local Development Corporation.
There are no active new building construction projects on this tax block.

The majority, or 31 percent of the 372,101 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

Direct link to Acris document. link