Three industrial properties in Hunts Point sell for $5M

Mark Calem through the entity 494 Hunts Point Realty LLC paid $5 million to Debra Maslanko through the entity Stanmar for the industrial building (E1) at 494 Hunts Point Avenue in Hunts Point, Bronx, industrial building (E9) at 439 Halleck Street in Hunts Point, Bronx, and industrial building (F4) at 1392 Oak Point Avenue in Hunts Point, Bronx.
The deal closed on June 8, 2023 and was recorded on June 22, 2023. The three properties have 16,080 square feet of built space and 31,077 square feet of additional air rights for a total buildable of 47,156 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $310 and the price per buildable square foot is $106 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 Debra Maslanko was Debra Maslanko. The signatory for Mark Calem was Mark Calem.

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 494 Hunts Point Avenue.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mark Calem had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Debra Maslanko had not purchased any other properties and had not sold any properties over the same time period. The three properties with a total of 16,080 square feet of built space generated revenue of $240,237 per year or $15 per square foot. The sale price per square foot was $311.

The property

The industrial building in Hunts Point has 16,080 square feet of built space and 31,077 square feet of additional air rights for a total buildable of 47,156 square feet according to a PincusCo analysis of city data. The parcel has frontage of 103 feet and is 100 feet deep with a total lot size of 9,830 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $779,000.

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 nine DOB violations 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 Hunts Point, The majority, or 59 percent of the 14.4 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 15 percent of the space. In sales, Hunts Point has had very little sales volume relative to other neighborhoods with $286.5 million in sales volume in the last two years. For development, Hunts Point has had very little major development activity relative to other neighborhoods.It had 303,677 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 the tax block of 494 Hunts Point Avenue, PincusCo has identified the owners of eight of the 63 commercial properties representing 64,814 square feet of the 364,852 square feet. The largest owner is Luis Blanco, followed by Jack Guttman and then Biagio Cuomo.
On the tax block, there was one new building construction project filed totaling 200 square feet. It is a 200 square-foot institutional (I) building submitted by Javier Valverde with plans filed September 14, 2021 and it has not been permitted yet.

The majority, or 91 percent of the 364,852 square feet of built space are industrial buildings, with retail buildings next occupying 5 percent of the space.

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