Massey Knakal Completes The University Avenue Portfolio Sale In The West Bronx
The University Avenue Portfolio, consisting of a warehouse/office building and ten surrounding development parcels in the Highbridge section of the West Bronx, has sold for an aggregate value of $13,275,000.
The warehouse/office building is approximately 142,030 square feet and is located adjacent to the Major Deegan Expressway overlooking the Harlem River. The ten development parcels total over 72,000 square feet and are located throughout the Highbridge neighborhood of the West Bronx.
The initial transaction, sold as a package in 2012, consists of 930, 950, 969-973, and 998 University Avenue. This segment included the structure plus five surrounding vacant parcels totaling approximately 30,000 square feet. “We are excited to make the building our new headquarters as well as our newest self-storage center,” said the buyer, Nick Sprayregen, President of Tuck-It-Away Associates, LP.
Subsequently, the remaining five lots located at 920 University Avenue, 939, 950, 977-979 and 985 Summit Avenue, totaling approximately 44,000 square feet, were purchased by individual developers.
“This site and iconic lighthouse building was home to the HW Wilson Company for almost a century,” said Nicholas Burns, who exclusively handled this transaction with David Simone. “While most of the individual lots are slated for residential development, 920 University Avenue will become a hotel, which will be the closest hotel to Yankee Stadium,” David added.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.