Savanna and Hornig Capital Partners have sold the Bruckner Building in the Bronx for $65 million.
ZG Capital Partners acquired the 188,000 s/f property in a deal brokered by JLL Capital Markets announced .
The 188,000 s/f office building located at 2417 Third Avenue in the Mott Haven neighborhood was pruchased by Bobby Zar and James Tamborlane with ZG Capital Partners.
The eight-story Bruckner Building was constructed in 1928. Ownership completed a comprehensive renovation in 2016 that included a full lobby and entrance renovation, building-wide window replacement, and façade update along with new elevators, roof, electric infrastructure and common corridors and lounges.
Renovated floor-to-ceiling loft windows with sweeping views of Manhattan and the Harlem River deliver outstanding light and air on all floors.
The property will benefit from a 25-year Industrial and Commercial Abatement Program that is set to begin in 2020 and will significantly reduce the taxes payable on the property through its expiration in 2045.
The JLL Capital Markets team representing the seller included chairman of NY Investment Sales Bob Knakal, Stephen Palmese, Jonathan Hageman, George D’Ambrosio and Frank Dalicandro.
“The Bruckner Building’s Mott Haven waterfront location positions the asset for very strong appreciation,” Knakal said.
“The Mott Haven district is the Bronx’s most active development zone, with major projects coming to the property’s doorstep. This robust activity will change the neighborhood dramatically.”