Only 14 Retail Properties Sold Year-to-Date in the Borough
New York, NY – June 5, 2019 – Cushman & Wakefield announced today that the firm has arranged the sale of 2542-2550 Boston Road, an 8,842 square foot retail property in the Bronx. The final closing price is $3,200,000 equating to approximately $361 per square foot.
Cushman & Wakefield’s Jonathan Squires, Eric Roth and Addison Berniker represented the seller, 2550 Boston Post Road Corp, in this transaction.
“With only fourteen retail buildings having been sold in the Bronx year to date, the sale of these two properties demonstrates the growing appetite of the retail market in the borough,” said Jonathan Squires of Cushman & Wakefield. “With the massive growth of population occurring in the borough, these properties are poised to benefit from the increasingly strong market.”
2542-2550 Boston Road are two retail buildings located in the Allerton neighborhood of the Bronx. The buildings combine for approximately 8,874 square feet, boasting 160 feet of frontage on Boston Road. Future ownership has the opportunity to maximize the use of this facility by converting the space to additional units, as well as adding additional stories.
The properties are a short walk from the White Plains Allerton Avenue Subway Station, which is serviced by the 2 train. The high foot and car traffic make the block attractive to strong long-term tenants.
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.