Wildflower LTD pays down loan from Turner Impact Capital valued at $11.9M for industrial in Hunts Point

Wildflower LTD through the entity Wildflower Ltd III LLC paid off a loan from Turner Impact Capital through the entity Hp Preferred LLC valued at $11.9 million, secured by the industrial (Z9) building at 1340 East Bay Avenue in Hunts Point, Bronx.
The deal closed on October 14, 2021 and was recorded on November 17, 2021.
The property has 19,200 square feet of built space and 220,800 square feet of additional air rights for a total buildable of 240,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $618 and the price per buildable square foot is $49 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.)
Wildflower bought the property on June 17, 2020, for $26.5 million.

There have been 2 demolition projects filed over the past five years. One of the projects were to change the building from a D-2 to a S-1 and were permitted on October 7, 2020.
This transaction represents a loan payoff. Turner was an existing lender which was paid off with a refinance.

In Hunts Point, there have been 16 sales totaling $561 million over the past 24 months. Wildflower has bought six properties for a total of $152 million over the past two years, according to PincusCo data.

Within a 400-foot radius of 1340 East Bay Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were one permit applications with a total initial cost of $18.7 million and one permit with a total initial cost of $278,909. The most recent of these two items was the filing on December 23, 2020 for a 260,000-square-foot S-2 building with no residential units at 1340 Viele Avenue.

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