Ariel Property Advisors has been retained exclusively to sell 950 Westchester Avenue, a block-through commercial condominium property in the Longwood section of the South Bronx. The $15 million property, which offers 45,979 square feet above grade, features two retail units, five community facility tenants and a 22,000-square-foot parking garage below grade. Located between Intervale Avenue and Kelly Street, the property also presents 350 feet of wrap-around retail frontage on one of the Bronx’s busiest corridors. Ariel’s team of Jason M. Gold, Vice President, Investment Sales, Howard Raber, Director, Investment Sales, Shimon Shkury, President, Victor Sozio, Executive Vice President, Investment Sales, and Daniel Mahfar, Director, Investment Sales, is representing the seller.
Built in 2006, this modern four-story building sits on a 40,960-square-foot lot and is anchored by Fine Far Supermarket, a regional chain with more than 60 locations, and NYC Early Learning Company, an early education and childcare provider. Revenue at the property is also driven by the five community facility units currently renting at or above market rates and the full-service parking garage with more than 80 parking spaces. Additionally, the property offers tax savings for investors through the Industrial and Commercial Incentive Program (ICIP) exemption and a 421-a tax abatement, which are in place until 2032 and 2034, respectively.
“This dynamic asset with multiple revenue streams above and below grade provides investors with strong cash flow on a thriving corridor in an ascendant South Bronx market,” said Gold. “This is an extremely attractive asset at a time when interest rates are low and the Bronx retail sector is thriving.”
The property’s desirable location provides easy access to Manhattan and the other boroughs, sitting adjacent to a stop for both the 2 and 5 subway trains, and is a short walk from the 6 train. Additionally, the building is next to popular retail draws, such as Blink Fitness and new retail center The Crossings at Southern, home to Dunkin’, Bank of America, McDonald’s, Boston Market and Dollar Tree.
You can find more information and contact details for the brokers here: http://arielpa.nyc/listing/950-westchester-avenue.
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
