NEW YORK, NY November 27, 2018 — Cushman & Wakefield today announced that the brokerage firm has arranged the sale of four industrial buildings in the Bronx, has four properties currently in contract, and is marketing an additional property on an exclusive basis, a reflection of the increased sales activity of industrial properties in the Bronx following recent zoning changes.
“This year we have seen increased activity on industrial buildings throughout the borough,” said Jonathan Squires of Cushman & Wakefield. “Residential re-zonings have induced developers to replace industrial properties with affordable housing complexes. The decrease in industrial property available due to the re-zonings has both decreased the supply of available space and increased the demand from displaced businesses.”
A Cushman & Wakefield Mid-Market Investment Sales team focused on the Bronx territory comprised of Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker represented the sellers in recently closed transactions at 429-447 Bruckner Blvd, 1314 Blondell Avenue, 585 Jackson Avenue and 500-502 East 167th St. Multiple properties they have taken to market are now in contract and they are currently marketing 3913 Provost Avenue, a 5,500 square-foot manufacturing building which is currently the only available property for sale. The block-through building has M1-1 zoning, allowing for a variety of industrial uses, and in proximity to the Boston Road retail corridor, the 5 subway stop and the I-95 / New England Thruway. The asking price is $1.2 million.
The same team represented owners in the recent sale of 500-502 East 167th St, two-story, four-unit commercial buildings located in the Claremont neighborhood of the South Bronx. The properties offer 50’ of frontage and 4,751 square-feet, plus a full basement, in a flexible MX-7 zone allowing for both residential and commercial uses. The properties are centrally located between the Cross Bronx Expressway, Bruckner Expressway and the Major Deegan Expressway, and only a 10-minute walk from the Melrose Metro North Station. The immediate area boasts thousands of newly constructed housing units, a reflection of the area’s dynamic growth. The final closing price was $1.3 million.
585 Jackson Avenue, located in the South Bronx, is a two-story warehouse located just off the highly trafficked 149th Street commercial corridor. The property offers 50’ of frontage, 10,020 total square feet, two garage doors, gas heat, sprinkler throughout, 13’ ceilings and 26,000 square feet of air rights for future development. There is also a contiguous rear yard accessed via Pontiac Place which allows easy access and parking. The property is steps away from the 2,5 and 6 subway stops. The building was recently sold by Jonathan Squires and Michael Fioravanti. The final closing price was $1.9 million.
1314 Blondell Avenue in Westchester Square, the Bronx, is a recently renovated split-level flex space office building totaling 24,155 square-feet. The property features a 24-car, private garage serviced by an elevator and approximately 16’ ceilings on the ground floor. The property is located along highly trafficked Westchester and East Tremont Avenue retail corridors, in addition to being conveniently located near the 6 train and Hutchinson River Parkway. Jonathan Squires, Ian Brooks, and Robert Shapiro represented the seller in the transaction. The final closing price was $3,880,000.
429-447 Bruckner Blvd is a 201,600 buildable square-foot industrial development site located in the Mott Haven neighborhood of the South Bronx. The site features 315’ of highly visible Bruckner Boulevard frontage. The zoning is M1-3, allowing for a wide variety of retail, commercial and manufacturing development possibilities. The property is located a few blocks from the East 143rd & East 149th Street 6 subway stops, providing a 35-minute trip to Midtown. The final closing price was $11.5 million and the seller was represented by Jonathan Squires and Michael Fioravanti.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action 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.