Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Educational Office Building In The Bronx Sold By Massey Knakal

07/07/2014

An office building at 332 East 149th Street, located between Morris and Courtlandt Avenues in the Hub of the Bronx, was sold in an all-cash transaction valued at $10,500,000.

The eight-story elevatored building sits on a 75’ x 86’ lot and was delivered 50% vacant at closing.  It is located on a high-traffic retail corridor and benefits from the presence of national banks and retailers including Bank of America, Citibank, Chase, Capital One, Walgreens, and Rite Aid. Other area highlights include The Bronx Opera House Hotel, Metropolitan College, and Hostos Community College.  The building is in close proximity to several mass transit options including the 2 and 5 subway stop at East 149th Street and Melrose Avenue, the 4 subway stop at East 149th Street and Grand Concourse, and numerous bus lines.  Additionally, the Major Deegan and Bruckner Expressways are nearby.  Convenient access to the rest of the Bronx, Brooklyn, Upper East Side, and Upper West Side makes The Hub a desirable location for commuting professionals and clients alike.

“This investment property attracted a wide range of investors from institutions to local families.  The property was in contract after two and a half months of marketing and closed five months from the time we were hired,” said Massey Knakal’s David Simone, who exclusively handled this transaction with Guthrie Garvin and CEO Paul J. Massey, Jr.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

07/07/2014 - 11:37

Source

Cushman & Wakefield Capital Markets Group New York

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