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

Massey Knakal Retained Exclusively To Sell Five Bronx Office Buildings

12/20/2012

Massey Knakal Realty Services has been retained on an exclusive basis to sell five Bronx office buildings, two in the Pelham Bay neighborhood, two in the Throggs Neck neighborhood and one in the Westchester Square neighborhood. The buildings total approximately 55,633 square feet and have a combined asking price of $20,290,000.

The first property is a prime Pelham Bay two-story commercial building located at 3140 East Tremont Avenue, between Latting Street and Waterbury Avenue.  It contains approximately 4,865 feet and sits on a 28’ x 103.58’ irregular lot.  Fully occupied with three tenants, the property generates approximately $140,000 in gross annual revenue.  With available street parking and a highly visual office presence, this property is ideally situated in a strong neighborhood.  This opportunity provides an investor with a stable return in an office/retail building.  The asking price is $1,800,000.

The second property is a newly constructed two-story Pelham Bay office building located at 3219 East Tremont Avenue, between Waterbury and Puritan Avenues.  It contains approximately 14,895 square feet of commercial space on a 62.5 x 100’ irregular lot.  Currently comprised of multiple office tenants, including Montefiore Medical Center and AllState Insurance, the property generates approximately $569,324 in gross annual revenue.  Benefitting from high visibility along one of the main transportation channels of the East Bronx, this availability presents a prime opportunity for an investor or owner/user.  The asking price is $5,500,000.

The third property is a two-story commercial building located at 3713 East Tremont Avenue, between Randall and Philip Avenues in Throggs Neck.  It contains approximately 7,200 square feet and sits on a 50.52’ x 125.72’ lot.  It is currently occupied with three tenants, with gross potential annual revenue of approximately $216,203.  Built in 1999, the building benefits from individual utility meters, multiple expense reimbursements and pass-throughs.  The currently NOI is approximately $171,274. With on-site parking and highly visual office presence, the property is ideally situated for office space.  Also with 1,200 square feet currently vacant, this property could be utilized by an investor or owner/user.  The asking price is $2,590,000.

The fourth property is a three-story office building located at 2800 Bruckner Boulevard, adjacent to the Bruckner Expressway and between Quincy and Swinton Avenues in Throggs Neck.  It contains approximately 20,000 square feet and sits on a 201.36’ x 87.33’ irregular lot.  This building features interior garage parking for approximately 25 cars (10,000 square feet).  Benefitting from an elevator, security cameras, sprinklers and individual meters for gas and electric service, the property is almost fully occupied.  The building currently generates approximately $491,493 in gross annual revenue, and the ICIP exemption runs through June 30th, 2020.  With a major presence along the Bruckner Expressway, this property presents a unique opportunity for an investor to purchase a newly constructed, stable office building.  The asking price is $7,900,000.

The fifth property is a Westchester Square office building located at 2500 St. Raymonds Avenue, on the corner of St. Raymonds and St. Peters Avenues. The two-story building contains approximately 8,673 square feet and sits on a 44.64’ x 97.62 lot.  The building benefits from an elevator and a recently replaced roof.  The ICIP abatement currently runs through June 30, 2027.  Westchester Square Medical has recently signed a full NNN 10-year lease, which begins January 1st, 2013.  With a strong tenant in a corner property located within four blocks of the Westchester Square – East Tremont Avenue subway station and surrounded by a mixture of retail, multifamily and office space, this property represents a prime opportunity for an investor to benefit from updated construction in a NNN Bronx asset.  The asking price is $2,500,000.

For more information on this listing, contact Massey Knakal Director of Sales Nicholas Burns at 212.660.2500.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.

www.masseyknakal.com

12/20/2012 - 11:25

Source

Cushman & Wakefield Capital Markets Group New York

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