Texas-based Crow Holdings pays $21.8M for 7 gas stations in NYC, through $2.3B fund

Texas-based Crow Holdings paid $21.8 million to James A. Weil for seven gas stations in Brooklyn, Queens and the Bronx in seven separate transactions. The firm announced in September it planned to make a series of acquisitions.

In the largest, Crow Holdings through the entity CH Realty IX/CG NY Stallion, L.P. paid $4.4 million to James A. Weil through the entity Metro NY Dealer Stations, LLC for the gas station property (G4) at 90-05 Myrtle Avenue in Glendale, Queens.
The deal closed on October 29, 2021 and was recorded on November 18, 2021.

Crow Holdings Industrial has $1.7 billion under management, according to the company’s website.

In September, Crow Holdings announced that it is prepared to acquire more than 100 individual properties following the $2.3 billion fund raise for its ninth value-add fund, Crow Holdings Realty Partners IX. As much as 20% of their $2.3 billion funding was earmarked for niche sectors, including gas stations and convenience stores, strip malls and manufactured homes, PERE reported.

“We’ve built a machine for this strategy,” Crow Holdings Executive Michael Levy told PERE at the time. “We have the ability to cover the industrial, multifamily and specialty marketplace and acquire and monetize assets at scale. It’s a lot of work, but this isn’t new for us. It’s how the team started more than 20 years ago.”

All of the gas stations were sold by James A. Weil, through the entity Metro NY Dealer Stations, LLC. Rodney Whitley was the signatory for Crow Holdings.

This property has 2,250 square feet of built space and 14,148 square feet of additional air rights for a total buildable of 16,375 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,963 and the price per buildable square foot is $269 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 December 6, 2012, for $1.2 million.
The signatory for James A. Weil was James A. Weil. The signatory for Crow Holdings was Rodney Whitley.

The other six properties Crow acquired were, 950 Allerton Avenue in Allerton, Bronx; 1929 Bruckner Blvd in Unionport, Bronx; 93-02 Atlantic Avenue in Ozone Park, Queens; 548 Coney Island Avenue in Kensington, Brooklyn; 185-25 N Conduit Avenue in Springfield Gardens, Queens; and 9612 Seaview Avenue in Canarsie, Brooklyn.

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