2700 Jerome Avenue in the Bronx, a vacant 117,000 s/f parcel in foreclosure/bankruptcy, recently sold to B&B Supportive LLC and Boston-based The Community Builders, Inc. for $5,750,000.
The transaction depicts the growing faith being placed in the area by both developers and financiers, in large part because of the anticipation of an international draw.
Both the buyers and the seller (2700 Realty LLC) were represented by Nadeem Haque of Friedman-Roth Realty Services and Phil Ragone of Brick Realty Capital.
“This sale represents the continuing development of the Bronx and Kingsbridge section of New York. The property, located near the newly leased Kingsbridge Armory, is an ideal location for sustainable development in the area,” said Haque.
Haque discussed the ongoing renovations of the Kingsbridge Armory, which is located across the street from the building. The renovation will transform the iconic castle-like structure into the Kingsbridge National Ice Center and provide the area with a magnet for commercial and residential growth.
The finished ice center will feature the world’s largest indoor ice-skating facility at 750,000 s/f. It is expected to host major events as the arena can hold 5,000 spectators.
“It’s going to increase everything across the board. There’s more traffic. There’s more money coming in across the street,” Haque said, noting that retail tenants will likely flock to the Bronx in order to open shop near the arena.
Alan Bell principal of B&B Supportive LLC said that the company plans to “build a mix of affordable and middle income housing” on the currently open site.
“Along with the Kingsbridge Armory redevelopment, I believe this is a new way forward for the Kingsbridge Section of the Bronx and a promising development for the community,” Ragone said.
Brick Realty Capital recently helped finance another deal in the Bronx recently; a six-story elevator building that holds 56 apartments. At press time, the company had yet to release the exact address of the property.
“These loans are representative of Brick’s continuing commitment to aggressively finance deals in the Bronx and throughout the Greater New York Area,” said Brick Realty Capital’s owner and managing partner, Eric C. Roth.