Sunoco pays $6.3M to Bill Wolf Petroleum for two gas stations in Brooklyn

The gas retailer Sunoco through the entity Sunoco Retail LLC paid $6.3 million to Bill Wolf Petroleum Corp. for two gas station properties in two separate transactions, one in Bensonhurst and the other in Bedford-Stuyvesant.

The PincusCo database currently indicates that Bill Wolf Petroleum Corp. owned at least 60 commercial properties in New York City with 114,261 square feet and a city-determined market value of $53.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 74 percent of the 114,261 square feet of built space are industrial properties, with retail properties next occupying 26 percent of the space. The bulk, or 44 percent of the built space, is in Brooklyn, with Bronx next at 25 percent of the space.

In the more expensive, Sunoco through the entity Sunoco Retail LLC paid $4.2 million to Bill Wolf Petroleum Corp. for the gas station (G4) at 7310 New Utrecht Avenue in Bensonhurst, Brooklyn.
The deal closed on November 15, 2022 and was recorded on December 1, 2022. The property has 1,440 square feet of built space and 5,823 square feet of additional air rights for a total buildable of 7,278 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,890 and the price per buildable square foot is $571 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 Bill Wolf Petroleum Corp. was Adam Wolf. The signatory for Sunoco Retail was Vincent Record.

In the second, Sunoco through the entity Sunoco Retail LLC paid $2.1 million to Bill Wolf Petroleum Corp. through the entity 75 Classon Ave. Corp. for the gas station (G5) at 75-83 Classon Avenue in Bedford Stuyvesant, Brooklyn. The deal closed on November 15, 2022 and was recorded on December 1, 2022. The property has 624 square feet of built space and 5,747 square feet of additional air rights for a total buildable of 6,386 square feet according to PincusCo analysis of city data. The sale price per built square foot is $3,305 and the price per buildable square foot is $322 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 Bill Wolf Petroleum Corp. was Cary Wolf. The signatory for Sunoco Retail was Vincent Record.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sunoco Retail had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bill Wolf Petroleum Corp. had not purchased any other properties and had not sold any properties over the same time period.

The property

The 7310 New Utrecht Avenue parcel has frontage of 164 feet and is 72 feet deep with a total lot size of 5,823 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $909,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Bensonhurst, the bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has near average sales volume among other neighborhoods with $322.5 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 413,386 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the four commercial properties representing 13,669 square feet of the 20,269 square feet. The two identified owners are Haimo Zhong and Bill Wolf Petroleum Corp..
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 20,269 square feet of built space are mixed-use buildings, with industrial buildings next occupying 7 percent of the space.

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