New York, NY – November 22, 2019 – Cushman & Wakefield today announced that the firm has arranged the sale of 619 East Fordham Road, a 5,000-square-foot garage leased to Enterprise Rent A Car in the Bronx. The property sold for $4,400,000, well over the asking price of $3,665,000, equating to $880/sf for an industrial garage and $138/bsf as a development site.
Cushman & Wakefield’s Jonathan Squires, Addison Berniker, Michael Fioravanti, Josh Neustadter and Shayne Soltan represented the seller, Six 19 Custom, LLC, in this transaction. The property was purchased by Fordham University.
“The location of our client’s property is perfectly located on the corner of Fordham Road in front of the University, which would have been a draw for any buyer,” said Addison Berniker.
“Given the fact that it’s just steps away from Fordham, this site gives the university many development options practically on campus,” added Jonathan Squires.
619 East Fordham Road is a single-story commercial building in the Fordham Neighborhood of the Bronx. The building is approximately 5,000 square feet and includes a parking lot with an additional 231 feet of wraparound frontage along East Fordham Road and Hughes Avenue. The current tenant of the property is Enterprise Rent-a-Car, but future ownership has the opportunity to maximize the use of the facility by either converting the space for retail use or utilizing the 31,786-buildable-square-feet.
The property is situated one block from Fordham University and just east of Fordham Plaza, a major transportation hub in the neighborhood. Fordham Plaza accommodates nearly 80,000 pedestrians daily and offers a future retail tenant valuable pedestrian visibility. Additionally, the neighborhood is canvassed by twelve different bus lines, a Metro-North Station and the Kingsbridge Road Subway Station, which is serviced by the D train.
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.