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Deals & Dealmakers

Brokers: Bronx rezoning has buyers lining up for development opportunities

Cushman & Wakefield arranged the sale of four industrial buildings in the Bronx, has four properties currently in contract, and is marketing an additional property on an exclusive basis.

“This year we have seen increased activity on industrial buildings throughout the borough,” said Jonathan Squires of Cushman & Wakefield.

“Residential re-zonings have induced developers to replace industrial properties with affordable housing complexes. The decrease in industrial property available due to the re-zonings has both decreased the supply of available space and increased the demand from displaced businesses.”

A Cushman & Wakefield Mid-Market Investment Sales team focused on the Bronx territory comprised of Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker represented the sellers in recently closed transactions at 429-447 Bruckner Blvd, 1314 Blondell Avenue, 585 Jackson Avenue and 500-502 East 167th St.

Multiple properties they have taken to market are now in contract and they are currently marketing 3913 Provost Avenue, a 5,500 s/f manufacturing building which is currently the only available property for sale.

The block-through building has M1-1 zoning, allowing for a variety of industrial uses, and in proximity to the Boston Road retail corridor, the 5 subway stop and the I-95 / New England Thruway. The asking price is $1.2 million.

The same team represented owners in the sale of 500-502 East 167th Street, two-story, four-unit commercial buildings in the Claremont neighborhood. The properties offer 50 ft of frontage and 4,751 s/f, plus a full basement, in as MX-7 zone allowing for both residential and commercial uses. The final closing price was $1.3 million. 585 Jackson Avenue, located in the South Bronx, is a two-story warehouse located just off the 149th Street commercial corridor. It sold for $1.9 million.

Squires, Brooks, and Shapiro repped the seller of 1314 Blondell Avenue in Westchester Square. That recently renovated split-level flex space closed at $3,880,000.

And 429-447 Bruckner Blvd, a 201,600 buildable square-foot industrial development site in Mott Haven closed at $11.5 million.

With 315 ft. of visible Bruckner Boulevard frontage and M1-3 zoning, it holds retail, commercial and manufacturing development possibilities. .

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