Wildflower pays $26.5M to Sims Metal for full-block parking site in Hunts Point

Adam Gordon’s Wildflower, Ltd. through the entity WF Industrial VIII LLC paid Sims Metal Management’s Simsmetal East LLC $26.5 million for 1341 Viele Avenue also known as 1340 East Bay Avenue in Hunts Point. The deal closed on June 17, 2020, and was recorded on June 26, 2020. The transaction consists of 1 parcel, including the tax class miscellaneous open space (Z9). The property has 14,000 square feet of buildings and 107,500 square feet of parking space. The parcel(s) have total development potential of 240,000 square feet.
The average sale price per buildable square foot is $110.
The purchase was financed with a $19 million loan from CIT Bank.

Joseph Malik was the signatory for the seller. Matthew Dicker, partner at Wildflower, was the signatory for the buyer. The contract date was March 2, 2020.

The parcel has 107,500 square feet of parking at grade asking $18 per square foot net, and two one-story buildings with a total of 14,000 square feet, for rent at $30 per square foot net, according to a listing from March, which totals $2.35 million per year. Blau & Berg Company’s Alessandro (Alex) Conte brokered the sale in the off-market transaction.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $150,000. There have been 2 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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