Terreno Realty pays $9.8M to FlatRate Moving for industrial in Mott Haven

Terreno Realty Corporation through the entity Terreno Canal Street LLC paid $9.8 million to FlatRate Moving through the entity 99 Evergreen LLC for the industrial building (E1) at 175 Canal Street West in Mott Haven, Bronx. The expected use is cash flowing.
The deal closed on February 20, 2026 and was recorded on February 24, 2026. The property has 38,738 square feet of built space and 38,128 square feet of additional air rights for a total buildable of 77,028 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $251 and the price per buildable square foot is $126 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 seller bought the property on September 19, 2019, for $11.6 million. The signatory for FlatRate Moving was Lior Aldad . The signatory for Terreno Realty Corporation was Christine Falco . The contract date was January 15, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Terreno Realty Corporation purchased 30 properties in 10 transactions for a total of $623.2 million and has no record it sold any properties over the past 24 months.
The seller FlatRate Moving had not purchased any other properties and had not sold any properties over the same time period. The 38,738-square-foot property generated revenue of $1.2 million or $30 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Mott Haven has 38,738 square feet of built space and 38,128 square feet of additional air rights for a total buildable of 77,028 square feet according to a PincusCo analysis of city data. The parcel has frontage of 347 feet and is 179 feet deep with a total lot size of 38,514 square feet. The lot is irregular. The zoning is M1-4 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.1 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 not received any significant violations in the last year.

Development

On the lot, there is one active new building construction project, X00741116, for a 61,941 square-foot S-1 building. The project was submitted by Sharone Ben Harosh of FlatRate Moving with plans filed May 23, 2022 and it has not been permitted yet.

The neighborhood

In Mott Haven, The bulk, or 45 percent of the 41.7 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 23 percent of the space. In sales, Mott Haven has near average sales volume among other neighborhoods with $317.1 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 2.4 times the average amount of major developments relative to other neighborhoods and is the highest in Bronx. It had 3.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 11 commercial properties representing 76,477 square feet of the 185,814 square feet. The largest owner is Manny Chadha, followed by Israel Carmel and then Kipp.
On the tax block, there were four new building construction projects totaling 146,746 square feet. The largest is a 76,486 square-foot educational (E) building submitted by South Bronx Charter School For International Cultures & the Arts and filed by Evelyn Hey with plans filed June 29, 2020 and it has not been permitted yet. The second largest is a 61,941 square-foot storage (S-1) building submitted by Sharone Ben Harosh and filed by Sharone Ben Harosh with plans filed May 23, 2022 and it has not been permitted yet.

The majority, or 82 percent of the 185,814 square feet of built space are industrial buildings, with hotel buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that FlatRate Moving owned at least two commercial properties in New York City with 38,325 square feet and a city-determined market value of $4.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Bronx.

The buyer

The PincusCo database currently indicates that Terreno Realty Corporation owned at least 35 commercial properties in New York City with 1,384,512 square feet and a city-determined market value of $122.7 million. (Market value is typically about 50% of actual value.) The portfolio has $72.9 million in debt, borrowed from Apollo Global Management. Within the portfolio, the bulk, or 95 percent of the 1,384,512 square feet of built space are industrial properties, with office properties next occupying 5 percent of the space. The bulk, or 73 percent of the built space, is in Queens, with Brooklyn next at 27 percent of the space.

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