Massey Knakal Sells Large Industrial Property In The Bronx
Massey Knakal Realty Services has closed on a commercial loft building at 385 Gerard Avenue located on the southwest corner of Gerard Avenue and 144th Street in the Mott Haven section of the Bronx. The building was sold for $28.5 million.
The twelve-story building is approximately 410,000 square feet and sits on a 45,437 square foot lot. The former manufacturing building’s large floor plates made it suitable for conversion to office or continued light industrial and warehouse use. Conveniently located between two major Bronx arteries, the Major Deegan and Grand Concourse, along with remarkable accessibility via car and the express 4 and 5 trains, the building presented purchasers with a rare opportunity to find over 400,000 square feet of space in large, open floor plates in New York City.
“We were not surprised that there were several users who were lining up to purchase this outstanding asset,” stated Massey Knakal Chairman, Bob Knakal, who exclusively represented the seller in this transaction with First Vice President of Sales David Simone. The purchaser, a storage facility operator, was represented by Newmark Grubb Knight Frank.
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.