Ariel Property Advisors has arranged the sale of three Bronx properties for $15.6 million. The recent transactions include 387 East 138th Street, a five-story walk-up mixed use building in Mott Haven that sold for $2,975,000 million, the sale of 1975 Honeywell Avenue, a development opportunity in the West Farms neighborhood, which sold for $2,125,000 million, and the sale of 2374-2386 Grand Concourse, a commercial building in a prime retail corridor that sold for $10.5 million.
387 East 138th Street consists of 10 spacious residential units and two ground-floor retail units–occupied by Boost Mobile and a pet supplies and grooming store, across 9,155 square feet. The property is in the heart of the rapidly appreciating and developing Mott Haven section of the South Bronx on a major retail corridor close to numerous subway stops. The property was sold by an Ariel team including Jason Gold, Director, Investment Sales; Daniel Mahfar, Director, Investment Sales; and Shimon Shkury, President.
1975 Honeywell Avenue is situated on a 8,654 square foot lot with over 91 feet of frontage. The development site is zoned R7-1 which allows for 29,770 as-of-right buildable square feet or 41,539 community facility buildable square feet. The lot is situated near the West Farms Redevelopment Plan, which is expected to contain more than 1,300 affordable housing units, 46,000 square feet of retail space and a new school, among other new developments. The property is in a well-trafficked populated area and is a substantial opportunity for investors in a densifying neighborhood. The ground lease was sold by an Ariel team including Jason Gold, Director, Investment Sales; Daniel Mahfar, Director, Investment Sales; and Lawrence Sarn, Director, Investment Sales.
2374-2386 Grand Concourse is situated on 19,434 square feet and consists of five retail units in the Mount Hope section of the Bronx. It is located on one of the most historical streets in the area, which has helped consistently attract stable tenants and has 140 feet of prime retail frontage. The property is anchored by Blink Fitness on the first and second floors. The building is also close to transportation, such as the 4/B/D trains at Fordham Road Station. The property was sold by an Ariel team including Jason Gold, Director, Investment Sales; Victor Sozio, Executive Vice President, Investment Sales; and Daniel Mahfar, Director, Investment Sales.
“These recent transactions are a testament to the momentum we are seeing throughout the Bronx market. The Bronx is seeing investors with a primary focus across all asset classes: multifamily, development, and commercial retail.” said Gold.
About Ariel Property Advisors
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.arielpa.nyc
Construct America Magazine | The Home of Construction Industry
