Guy Pennisi Of FTK Group Holdings LLC Purchases Development Site From Leser Group For $11.1M
118 Central Avenue
$11,100,000
$108/SF
Building Size
101,938 SF
Asset Type
Development Site
Closing
Nov 19, 2025
AI
This development site is located at 118 Central Avenue in St George, Staten Island. The property comprises 101,938 buildable square feet and was sold for $11,100,000, equating to a price per square foot of $109. The sale was finalized on November 19, 2025.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $11,100,000
- Buyer: Guy Pennisi
- Seller: Leser Group
- Market: St George, Staten Island
- Square Footage: 101,938
- Price per Square Foot: $109
Guy Pennisi, through FTK Group Holdings LLC, acquired the development parcel from Leser Group, marking a significant transaction in the Staten Island market. The closing date for this deal was November 19, 2025.
Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.43%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93