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Deals & Dealmakers

ON THE SCENE: Ariel Property Advisors marketing Bronx office building; Hudson Heights building sells for $9M

AGENTS

Ariel Property Advisors has been exclusively retained to sell the leasehold of 840 Westchester Avenue, a retail/office building located on one of the busiest commercial corridors in The Bronx. Ownership is requesting proposals for the property.

The newly-constructed building (a.k.a. 845 Longwood Avenue), which spans 53,705 square feet, is located on the south side of Westchester Avenue, between Longwood Avenue and East 161st Street. The building contains two retail units, two office units, and a below-grade, 74-car capacity parking garage that extends 24,300 square feet.

The asset, which also boasts 174’ of prime footage along Westchester Avenue, also benefits from 83,321 square feet of air rights, a valuable feature that allows for further development.

Exclusive agents Jason M. Gold, Victor Sozio and Orry Michael are representing the owner.

•••

Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, is pleased to present exclusively for sale 74 Grand Street, a development site in the heart of SoHo. Senior Executive Managing Director, David Schechtman, Managing Directors, Lipa Lieberman and Abie Kassin, Vice President, Jason Goldy, and Director, Scott Burk, are representing the seller in this transaction.

Situated at one of the most trafficked locations in New York City, 74 Grand Street is a development site boasting 25 feet of frontage on one of the landmark neighborhood’s most well-known streets. Zoned M1-5B, the development site has more than $1.8 million in structural fortification and offers investors or users the immediate opportunity to capitalize on strong demand and exceptional neighborhood fundamentals. Development options include a mixed-use condominium building with ground floor retail or a boutique office building.

SALES

Besen & Associates announced the sale of 4468-4474 Broadway in northern Manhattan. The 20,000± square foot two-story elevatored commercial building consists of six stores and five offices. Built in 1991, the property features 100’ of prime retail frontage along Broadway. The property was sold in an exclusive offering for $9.15 million by the team of Hilly Soleiman, Amit Doshi and Ron Cohen.

4468-4474 Broadway is situated on the east side of Broadway between Fairview Avenue and 192nd Street and is located in Hudson Heights, one of the most desirable sections of Washington Heights in Northern Manhattan, boasting high foot traffic and bustling retail.

The retail stores are rents are well below market, offering tremendous upside to new ownership. Retail units are averaging rents of $26.92/SF, which represents a tremendous discount to current asking market rents ranging between $43 to $112/SF. The Property also includes 14,400± SF of unused air rights (TDR’s) for future redevelopment or value-add potential.

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