Tunnel To Towers Foundation pays $17M to Society of St. Paul for property in Westerleigh

The nonprofit Stephen Siller Tunnel To Towers Foundation paid $17 million to another nonprofit, the Society of St. Paul through the entity Pious Society of St. Paul, Inc. for the specialty building (W7) at 2187 Victory Boulevard in Westerleigh, Staten Island.
The deal closed on December 20, 2023 and was recorded on February 13, 2024. The property has 82,375 square feet of built space, according to a PincusCo analysis of city data. The sale price per built square foot is $206. (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 Pious Society Of St. Paul was Marco Bulgarelli. The signatory for Stephen Siller Tunnel To Towers Foundation was Jeanna DellaRagione. The Tunnel To Towers Foundation supports families of military and first responders.

According to the Society of St. Paul website, “At the start of the third millennium, the Society of St. Paul, in its ministry of evangelization, defines itself as a Single Multimedia Publisher. Such definition is linked with the Apostolic Project of the Congregation which is the accepted instrument of the multimediality of the Pauline Apostolate.”  The existing parcel has been divided into two, with tax lot 1 divided into two tax lots, 1 and 2. the Pious Society retaining tax lot 2, which is vacant, and the Tunnel to Towers Foundation acquiring the larger lot, 1 with the buildings.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Stephen Siller Tunnel To Towers Foundation had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Pious Society Of St. Paul had not purchased any other properties and had not sold any properties over the same time period.

The property

The parcel has frontage of 462 feet and is 588 feet deep with a total lot size of 237,023 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $18 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

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block, there were four new building construction projects totaling 6,022 square feet. The largest is a two-unit, 2,751 square-foot residential (R-3) building submitted by Robert Brogna with plans filed December 21, 2023 and it has not been permitted yet. The second largest is a two-unit, 2,751 square-foot residential (R-3) building submitted by Robert Brogna with plans filed December 21, 2023 and it has not been permitted yet.

The majority, or 93 percent of the 88,431 square feet of built space are specialty buildings, with retail buildings next occupying 4 percent of the space.

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