A five-acre former biscuit factory in Riverdale, in the northwest corner of the Bronx, is to be redeveloped as a multi-tenant retail center.
Joseph Farkas, president of Metropolitan Realty Associates, has acquired the site for $18 million, in a joint venture with long-time equity partner Angelo, Gordon & Co., LP, and has announced plans to construct two retail buildings totaling 162,000 s/f.
The development, which allows for rooftop parking, will be called Riverdale Crossing.
The property is the former site of the Stella D’Oro Biscuit Company factory, which closed in late 2009 following the relocation of Stella D’Oro’s manufacturing operations to Ohio.
“We are keenly aware of the history of the Stella D’Oro factory, and that it’s been a part of the fabric and heritage of New York City for a very long time,” Farkas said.
“Although we cannot save the former building, we are doing the next-best thing. We’re developing a destination location that’s going to employ a lot of people — perhaps more than were employed at the old factory.
“We anticipate that the development will draw visitors and shoppers from Westchester and Upper Manhattan.”
Wells Fargo provided acquisition and construction loan financing of $52 million. Keith Braddish, Marc Fischer and Jason Gaccione of CB Richard Ellis represented Metropolitan Realty Associates as mortgage broker in this transaction.
Karl Brumback of Massey Knakal represented the seller, Brynwood Partners of Greenwich, Conn., in the sale of the property to Metropolitan.