Two industrial properties in Mott Haven sell for $16.2M

An anonymous buyer, 164 Locust Avenue LLC, in care of the law firm Frisoni & Associates, paid $16.2 million to Ross Eisert through the entity 180 Locust Avenue Corp. for the industrial building (F4) at 164 Locust Avenue and the adjacent industrial parcel (E9) at 158 Locust Avenue, both in Mott Haven, Bronx.
The deal closed on January 15, 2025 and was recorded on February 3, 2025. The two properties have 17,236 square feet of built space and 127,698 square feet of additional air rights for a total buildable of 145,170 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $939 and the price per buildable square foot is $111 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 Ross Eisert was Ross Eisert. The signatory for Frisoni & Associates registered was Robert J. Frisoni. The contract date was October 29, 2024. James J. Eisert bought the properties in 1973 from U.S. Gypsum.

The property was listed and the sale brokered on the seller side by Paul Massey of B6 Real Estate Advisors and Mitchel Flaherty of RIPCO Real Estate. On the buyer side, David Junik and Fred Stein of Pinnacle Realty of New York were the brokers.

Prior sales and revenue

The two properties with a total of 17,236 square feet of built space generated revenue of $256,439 per year or $15 per square foot. The sale price per square foot was $940.

The property

The industrial buildings in Mott Haven has 17,236 square feet of built space and 127,698 square feet of additional air rights for a total buildable of 145,170 square feet according to a PincusCo analysis of city data. The parcel has frontage of 161 feet and is 449 feet deep. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing.

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 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 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 $308.1 million in sales volume in the last two years and is the highest in Bronx. For development, Mott Haven has 1.6 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Bronx. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 164 Locust Avenue, PincusCo has identified the owners of three of the six commercial properties representing 33,965 square feet of the 81,351 square feet. The two identified owners are Sprague and City Of New York.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 81,351 square feet of built space are industrial buildings, with specialty buildings next occupying 37 percent of the space.

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