Verizon pays $74.7M to Lightstone Group for industrial in Mott Haven

Verizon through the entity Verizon New York Inc. paid $74.7 million to Lightstone Group through the entity 325 Exterior Street Associates LLC for industrial (G1) at 325 Exterior Street in Mott Haven, Bronx.
The deal closed on December 21, 2021 and was recorded on January 6, 2022.
The property has 25,962 square feet of built space and 256,726 square feet of additional air rights for a total buildable of 283,056 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,877 and the price per buildable square foot is $263 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 October 28, 2019, for $36.0 million.
The signatory for Lightstone Group was Joseph Teichman. The signatory for Verizon was Noah Julius.

The Commercial Observer first reported on the sale and that JLL’s Bob Knakal and Jonathan Hageman represented Lightstone and Cushman & Wakefield’s Josh Kuriloff, Rico Murtha, Jonathan Squires and Drew Braver represented Verizon. Noah Julius is the regional portfolio and transactions manager for Verizon.

Within a 400-foot radius of 325 Exterior Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit application filed on October 13, 2020 for a 566,212-square-foot R-2 building with 710 residential units at 355 Exterior Street.

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