NEW YORK, NY October 25, 2018 — Cushman & Wakefield today announced that the brokerage firm has been retained on an exclusive basis to arrange the sale of The NewCo Portfolio: four vacant, new construction apartment buildings in the Longwood, Woodstock and Williamsbridge neighborhoods of The Bronx. In total, the portfolio consists of 89 residential units and approximately 73,185 gross square feet.
The asking price for the portfolio is $25.75 million. Properties in the portfolio may be purchased either as a package or on an individual basis.
A team of Jonathan Squires, Robert M. Shapiro, Jordan Sutton, Michael Fioravanti, Josh Neustadter and Addison Berniker will represent the sellers in all marketing efforts.
“The NewCo Portfolio is an incredibly rare opportunity to acquire 89 newly constructed vacant apartments in the Bronx.” said Jonathan Squires of Cushman & Wakefield. “Apartments in the market normally lease in the mid-$30 range per net square foot, however the vacant buildings also offer future ownership the rare opportunity to work with a government agency or non-profit to lease each building.”
764 East 152nd Street is the southernmost property in the portfolio and is located in the Woodstock neighborhood in The Bronx. Residents of the 24-unit, 18,751-square-foot elevator building will be within walking distance to The Hub, which is considered the retail, theater and restaurant heart of the South Bronx. This building is one block from the Jackson Avenue subway station and offers residents a 30-minute commute to Midtown Manhattan.
915 Dawson Street and 1081 Tiffany Street are both located in the Longwood neighborhood of The Bronx and are within walking distance of 764 East 152nd Street. Future ownership of the 25,602-square-foot 915 Dawson Street and 21,334-square-foot 1081 Tiffany Street can capitalize on the recent growth that has been seen in the South Bronx. Features of the newly constructed 915 Dawson Street will include hardwood floors and stainless-steel appliances, along with nine parking spaces, bicycle storage and multiple laundry rooms. Residents of the properties will benefit from the building’s proximity to the Westchester Avenue retail corridor, which features national retail tenants including Rite Aid, Dollar Tree, Dunkin Donuts and McDonalds. Both properties are within proximity to the 2 & 5 trains located at the Simpson Avenue and Intervale Avenue MTA stations.
770 East 214th Street is situated in the Williamsbridge neighborhood of the North Bronx. The 10-unit, 5,627-square-foot walk-up building will offer residents easy access to the Gun Hill Road Subway Station and the Williams Bridge Metro North Station. Residents will also benefit from the White Plains Road retail corridor which features tenants such as Dollar Tree, Blink Fitness and a Fine Fare Supermarket.
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.