Transport service pays $4.5M to RXR in Mott Haven, down from $10.8M

The transportation service Sentry Management Solutions through the entity Semaso LLC paid $4.5 million to RXR Realty through the entity RXR 9 Bruckner Owner LLC for the industrial building (F9) at 9 Bruckner Boulevard in Mott Haven, Bronx. The expected use is owner-occupied.
The deal closed on March 19, 2025 and was recorded on April 1, 2025. The property has 16,205 square feet of built space and 13,800 square feet of additional air rights for a total buildable of 30,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $277 and the price per buildable square foot is $150 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 March 18, 2020, for $10.8 million. The signatory for RXR Realty was Jason Barnett . The signatory for Sentry Management Solutions was Stella Mateo. The contract date was December 18, 2024. Sentry Management Solutions (through the entity SeMaSo LLC) according to its website, is “a New York-focused non-emergency medical transportation management company since 2016.”

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sentry Management Solutions had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller RXR Realty purchased three properties in two transactions for a total of $688.7 million and sold four properties in three transactions for a total of $850 million over the same time period. The 16,205-square-foot property generated revenue of $288,125 or $18 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Mott Haven has 16,205 square feet of built space and 13,800 square feet of additional air rights for a total buildable of 30,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 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 received three 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 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 $276.7 million in sales volume in the last two years and is the 2nd highest in Bronx. For development, Mott Haven has 1.8 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 20 commercial properties representing 42,752 square feet of the 121,116 square feet. The largest owner is RXR Realty, then Gordon Roth Development.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 121,116 square feet of built space are industrial buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Rxr Realty owned at least 23 commercial properties with 1,000 residential units in New York City with 9,943,887 square feet and a city-determined market value of $3.1 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 89 percent of the 9,943,887 square feet of built space are office properties, with D3 properties next occupying 4 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Brooklyn next at 14 percent of the space.

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