Tri-Messine Construction pays $4M for industrial in East New York

Tri-Messine Construction Company through the entity 1002 Alabama Ave LLC paid $4 million to Agostino Vona through the entity Alabama Realty, LLC for the industrial building (F2) at 1002 Alabama Avenue in East New York, Brooklyn.
The deal closed on October 11, 2023 and was recorded on October 18, 2023. The property has 8,000 square feet of built space and 12,000 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $500 and the price per buildable square foot is $200 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 August 2, 2022, for $3.1 million. The signatory for Agostino Vona was Agostino Vona. The signatory for Tri-Messine Construction Company was Alfonso Messina. The contract date was August 30, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tri-Messine Construction Company had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Agostino Vona purchased four properties in four transactions for a total of $45.9 million and had not sold any properties over the same time period. The 8,000-square-foot property generated revenue of $169,588 or $21 per square foot, according to the most recent income and expense figures.

The property

The industrial building in East New York has 8,000 square feet of built space and 12,000 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 20,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.2 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 one DOB violation 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 East New York, The bulk, or 40 percent of the 44.5 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has 2.5 times the average sales volume among other neighborhoods with $907 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, East New York is the 6th most active neighborhood among other neighborhoods. It had 4.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the nine commercial properties representing 8,000 square feet of the 71,554 square feet. The identified owner is Maggies Paratransit Corp..
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 71,554 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Agostino Vona owned at least four commercial properties in New York City with 60,660 square feet and a city-determined market value of $9.3 million. (Market value is typically about 50% of actual value.) The portfolio has $27.5 million in debt, borrowed from Signature Bank. Within the portfolio, all identified are industrial properties. They are all located in Brooklyn.

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