Bronx Office Building Trades for $65M

The previous owner renovated the 188,000-square-foot asset in 2016, upgrading its lobby, entrance and elevators.
The Bruckner Building. Image via Google Street View

The joint venture between Savanna and Hornig Capital Partners has sold The Bruckner Building, a 188,000-square-foot office asset in Bronx, N.Y., to ZG Capital Partners. JLL represented the seller in the $65 million transaction.

The eight-story asset came online in 1928 and was renovated by the previous ownership in 2016. Areas upgraded include the lobby, entrance, elevators, roof and lounges. The building will benefit from a 25-year Industrial and Commercial Abatement Program that is set to begin this year and will reduce the taxes payable on the property through its expiration.

Located at 2417 Third Ave., in the Mott Haven neighborhood, the asset is just off Interstate 87 and within walking distance of two subway stations. The Bruckner Building is 7 miles from LaGuardia Airport and 5 miles from Grand Central Station and a $3 billion development scheduled for completion this year.

The JLL team overseeing the sale included Bob Knakal, Stephen Palmese, Jonathan Hageman, George D’Ambrosio and Frank Dalicandro.