Ariel Property Advisors has arranged the sale of a 36,602 square foot industrial warehouse property at 572 Richmond Terrace in Staten Island, NY, for $6.225 million, which equates to $170/SF.
The sale was arranged by an Ariel team including Sean R. Kelly, Partner; and Stephen Vorvolakos, Director, Investment Sales. The seller in the transaction was Zenith Industrial Chemicals and the buyer was Zion Judaica.
“As demand for industrial, factory, warehouse and outdoor storage space continues to rise, pricing metrics in markets like Brooklyn have increased by more than 50 percent, leading investors and owner- users to look elsewhere,” said Kelly. “Staten Island has become an attractive alternative market for those looking for well-situated properties at affordable prices.”
The one-story industrial warehouse property has M3-1 zoning and consists of five loading bays, approximately 24-foot ceiling heights and 38-foot and 55-foot horizontal column spacing. Situated on the North Shore section of Staten Island along the Saint George Waterfront, the industrial building provides easy access to Brooklyn, the outer boroughs and New Jersey via the Verrazano Bridge, Bayonne Bridge and the Goethals Bridge. In addition, it is near the Staten Island Ferry.
The property recently underwent significant renovations including the installation of new gas heating units, LED lighting, exterior and interior improvements and roof repairs.