Cushman & Wakefield has won an exclusive assignment to lease up to 24,000 s/f of new retail space in the expanding Broadway retail corridor in the Riverdale-Kingsbridge section of the Bronx.
Situated at 5740 Broadway, the new strip center — which will include on-site parking — is scheduled for occupancy in the second quarter of 2016.
The Riverdale-Kingsbridge community stands out as a high-density trade area with strong middle-class demographics. Average household income within a mile radius of the site stands at $67,336. Yet analysts concur that the district has been underserved by retailers for years.
But the market has been taking notice of the area’s untapped potential. Over the past five years, Riverdale-Kingsbridge has witnessed the opening of outlets representing a multitude of prominent, national and regional brands.
Among nearby tenants are Staples, Buffalo Wild Wings, BJ’s, Blink Fitness, TJ Maxx, Carter’s/Oshkosh, Chipotle, Stop & Shop, and many others.
“This ground-up development presents tremendous opportunities,” said Benjamin Fox, executive vice president at Cushman & Wakefield, who is marketing the venue with retail leasing associate Wendy Qiu. “Many top names in retail have been connecting the dots and building their presence in Riverdale-Kingsbridge.”
Fox said that the developer, Storage Deluxe Realty LLC, would consider a range of logical divisions.