New York, NY – September 9, 2019 – Cushman & Wakefield announced today that the firm has arranged the sale of 959 Cauldwell Avenue, also known as 606 East 164th Street, a 3,404-square-foot church property in the Morrisania neighborhood of the Bronx. The final closing price was $1,010,000, equating to approximately $300 per square foot.
Cushman & Wakefield’s Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker and Shayne Soltan represented the seller, the Bronx Congregation of Jehovah’s Witnesses, in this transaction. The buyer was the Haitian Baptist Community Church.
“Prior to working with us, the owners were advised by other firms that marketing the property as a development site would achieve the highest price, but we were confident that we could find a not-for-profit occupier,” said Squires. “We ultimately sold the building to another religious institution for approximately $300 per square foot, which was effectively $112 per buildable square foot. That price is almost double what a developer could pay in today’s market.”
959 Cauldwell Avenue is a single-story church located on the corner of East 164th Street and Cauldwell Avenue in the Morrisania neighborhood of the Bronx. The property features 137 feet of wrap-around frontage along Cauldwell Avenue and East 164th Street. The building is located directly across the street from Public School 146 and the Success Academy Charter School.
The property is within walking distance to the Melrose Metro-North stop as well as to the Intervale Avenue subway station, serviced by the 2 and 5 lines. It also benefits from numerous bus routes that canvass the neighborhood.
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 approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 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.