Sunoco pays $4.8M for Bay Ridge gas station parcel family-owned for 58 years

Sunoco through the entity Sunoco Retail LLC paid $4.8 million to the Mannix family through the entity 579 92nd Street LLC for the gas station parcel (G4) at 579 92nd Street in Bay Ridge, Brooklyn.
The deal closed on April 23, 2024 and was recorded on April 29, 2024. The property has 1,293 square feet of built space and 9,565 square feet of additional air rights for a total buildable of 10,851 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,673 and the price per buildable square foot is $437 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 contract date was March 26, 2024. The signatories for the sellers were Bernadette L. Feeney and James J. Mannix Jr. The signatory for the buyer was Vincent Record.

This is Sunoco Retail’s third purchase in the city in two years. In November 2022, Sunoco paid Bill Wolf Petroleum $6.3 million for two gas station locations in Brooklyn. James J. Mannix, who died in December 20, 1988, acquired the property in 1966.

The property

The parcel has frontage of 80 feet and is 100 feet deep with a total lot size of 8,038 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $885,000.

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 $50 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 Bay Ridge, The bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has 2 times the average sales volume among other neighborhoods with $563.6 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Bay Ridge has had very little major development activity relative to other neighborhoods.It had 363,958 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 17 commercial properties representing 16,306 square feet of the 73,307 square feet. The largest owner is Dionisios Ardavanis, followed by Jin Deng and then Joseph D. Boitel.
On the tax block, there was one new building construction project filed totaling 5,117 square feet. It is a five-unit, 5,117 square-foot residential (R-2) building submitted by Guan Yu Li with plans filed February 28, 2017 and it has not been permitted yet.

The majority, or 75 percent of the 73,307 square feet of built space are walkup buildings, with mixed-use buildings next occupying 23 percent of the space.

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