Top 5 Office Building Sales—September 2020
- Oct 26, 2020
- 980 E. 149 St., Bronx
Sale Price: $117,791,000
Dune Real Estate Partners has entered into a joint venture with Turnbridge Equities for ownership and development of a last-mile distribution center. Dubbed the Bronx Logistics Center, the project will take shape on a 14-acre site, which includes the property at 980 E. 149 St. The partnership also secured $105 million in construction financing from J.P. Morgan for the 1.2 million-square-foot development. Upon completion, the industrial property is slated to be one of the region’s largest multi-story, last-mile distribution hubs.
- 2720 Jerome Ave., Bronx
Sale Price: $12,750,000
KIPP NYC acquired the 19,000-square-foot property located in Fordham. Completed in 1983, the two-story building includes one commercial unit and is situated on a 0.5-acre lot. The seller had owned the asset since 1982. Nearby transportation options include the 4-subway line at the NE corner of Jerome Avenue and Kingsbridge Road, as well as the BX28 bus line at the intersection of Jerome Avenue and East 196 Street.
- 118 E. 25th St. #7, Manhattan
Sale Price: $19,000,000
The 4,000-square-foot commercial unit spans the entire seventh floor of the nearly 50,000-square-foot mixed-use property, which was completed in 1983. The sold unit features nearly 11.3-foot beamed ceilings and 15 oversized windows facing North, South and East. Located in the Flatiron District, the co-op building overlooks Lexington Avenue Armory and is one block from Madison Square Park. Recent capital improvements include new windows and elevators.
- 1468 Williamsbridge Road, Bronx
Sale Price: $1,827,500
An entity affiliated with Mermelstein Development acquired the 7,227-square-foot low-rise building in Westchester Village. The seller was Bronxwood Assisted Living. Pangea Mortgage Capital facilitated the transaction with $1.9 million in acquisition financing, which carries a 6.75 percent interest rate and is scheduled to mature in September 2021. Completed in 1911 and upgraded in 2001, the professional property includes two commercial units.
- 158 Brighton 11th St., Brooklyn
Sale Price: $995,000
The 2,325-square-foot professional building is located in Brighton Beach and was completed in 1940. The sale closed with financial assistance from TD Bank, which originated $650,000 in acquisition funding. The permanent mortgage carries a 7-percent interest rate and a maturity date set for September 2030. The property previously changed hands in 2008. Transportation options in the area include the B-Q subway line and the B1 bus line, both less than 1 mile away.