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Deals & Dealmakers

40,000 s/f snapped up at new-look Bruckner Building in The Bronx

Savanna, in a joint venture with Hornig Capital Partners, has leased over 40,000 s/f of space at the Bruckner Building in Mott Haven.

Savanna and HCP officially introduced the updated commercial building to the market a year ago after completing a $12 million capital improvement plan.

Leasing agents Cushman & Wakefield and JRT Realty Group have been successful in attracting an array of office and light industrial tenants, including not-for-profits, technology startups originating from local universities, artists and traditional office tenants.

In the first three months of 2018, the Savanna-HCP venture signed 23,244 s/f of leases at the property.

Most recently, Lumiode, a semiconductor technology startup originating from the Columbia Laboratory for Unconventional Electronics at Columbia University, signed a lease for 8,645 s/f of space.
LeMed Specialty Pharmacy, LLC, a full-service, minority-owned specialty pharmacy practic, signed a 7,629 s/f lease and is relocating within the South Bronx neighborhood.

Additional 2018 leasing activity includes a 5,962 s/f lease with Rewarding Environments for Adult Living, Inc. (REAL Inc.) and a 1,008 s/f suite for A&B Success Team, Inc.

“The Bruckner Building is a special property in terms of its location and flexibility, and we believe its broad appeal has been demonstrated by the leasing activity to date,” said Tom Farrell, Managing Director of Savanna.

“We’ve been successful in attracting and accommodating tenants priced out of Manhattan, as well as longtime Bronx tenants seeking updated space and quality ownership and building management.”

“The Bruckner Building is a fantastic solution,” said Travis Archie, Executive Director of REAL Inc. “Not only is the deal within our budget, it also allows us exceptional direct access to Harlem and Manhattan, along with all the amenities of the neighborhood.”

In 2017, over 19,000 s/f of space was leased to companies including Duro Business Solutions, a company known for innovations in data collection through underwater drones; Edible Bronx Magazine; Whyrta, Inc.; Arbor E&T, LLC – Rescare Workforce Services; Last Work Shop; Framing & Gilding Studio; and Somerset Partners.

Mitchell Arkin, Omar Sozkesen and Myles Fennon of Cushman & Wakefield; and Ellen Israel, Lauren Calandriello, and Greg Smith of JRT Realty Group continue to head up leasing efforts for the property.

Located at 2417 Third Avenue, The Bruckner Building is an eight-story, 172,000 s/f property at the corner of Third Avenue and East 134th Street.

Brookfield Property Partners recently acquired two large development sites next to The Bruckner Building and is expected to build a 1.3 million square foot mixed-use project along the Harlem River offering more than 1,200 market rate residential apartments and a retail component with stores, restaurants, and cafes.

Earlier this month, a partnership of Related Companies, Somerset Partners, and the New York City Football Club (NYC FC) unveiled a proposal to build a $700 million mixed-use project along the same stretch of Harlem River waterfront.

If approved and completed, Harlem River Yards will include a Rafael Viñoly-designed home field soccer stadium for NYC FC along with several large scale residential buildings, retail and medical office space, and a waterfront esplanade.

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