Criterion Group pays $5.5M to Salvation Army for two development sites in Tremont

Criterion Group through the entity 1820 Webster Industrial LLC paid $5.5 million to the Salvation Army for the development site (V1) at 1818 Webster Avenue in Tremont, Bronx and the development site (V1) at 4133 Park Avenue in Tremont, Bronx.
The deal closed on November 12, 2021 and was recorded on November 26, 2021.
The two properties have 0 square feet of built space and 39,544 square feet of additional air rights for a total buildable of 39,544 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $139 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 the Salvation Army was Adolph M. Orlando. The signatory for Criterion Group was Yung Ching Siu.
(210180383) Plans for a 13,680 square-foot retail (M) were filed on November 1, 2019.
The contract date was more than a year ago, on September 3, 2020.

Correction: The story was updated to reflect Criterion Group as the buyer, not the individual signatory Yung Ching Siu, as the buyer. Yung Ching Siu is a principal with Criterion Group. 

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