New York, NY – December 13, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 1318 Oak Point Ave, a two-story, vacant industrial building located in the Bronx. The final closing price was $975,000. The building is within an Opportunity Zone in relation to the Economic Opportunity Zones program included within The Tax Cuts and Jobs Act (TJCA) passed last December.
A Cushman & Wakefield brokerage team consisting of Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker led the marketing efforts on behalf of the owner.
“1318 Oak Point Ave is a central Hunts Point location on a busy corner that has recently undergone major improvements, making the property perfect for an end-user looking for well-located, easily accessible space,” said Jonathan Squires of Cushman & Wakefield. “The price of $260 per square-foot for a two-story industrial building in need of substantial rehabilitation is unprecedented in any part of the Bronx. Additionally, the buyer will benefit from almost all aspects of the Opportunity Fund and will be creating economic growth and jobs within the local community.”
The two highest bids for the property were Opportunity Funds. The buyer was an Opportunity Fund formed by My Tool Rental, a Brooklyn-based tool rental firm that is expanding into the Bronx and is a division of the Sigula Group headed by Michael Wahba and Marcy Dery. The 3,750 square-foot building is vacant and consists of 2,500 square-feet of industrial space with 14’ ceilings on the ground floor, five roll-up garage doors and a 1,250 square foot commercial space on the second floor.
Located on the southwest corner of Oak Point Avenue and Bryant Avenue, 1318 Oak Point Ave is accessible via the Longwood Ave Subway Station.
Benefits the buyer will experience by creating the fund and buying a property within this designated area as part of the Economic Opportunity Zones program include deferring original capital gains that were used for 7 years and will have a 15% discount when they are due, and no tax due on the profits of the sale of the business or property if sold after 10 years of purchase.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.