Massey Knakal Sets Bronx Retail Property Record
A recent sale of a retail asset in the Bronx has broken the all-time price per square foot record for an asset in the Bronx by a wide margin. Two contiguous retail buildings at 305 and 315 East Fordham Road, located on the corner of East Fordham and East Kingsbridge Roads in the Fordham section of the Bronx, were sold in a transaction valued at $34,630,000 or $1145 per square foot. This is remarkable for a two-story building given that the prior record was $800 per square foot for a one-story retail property. “This transaction occurred in arguably the best retail location in the Bronx”, stated Robert Knakal Chairman of Massey Knakal who, along with Karl Brumback, exclusively represented the seller in this transaction.
The two contiguous two-story buildings total approximately 30,240 square feet with seven retail spaces and over 195 feet of combined frontage. Located on one of the premier commercial corridors of the Bronx, this highly visible property features several long-term credit tenants including Planet Fitness, Metro PCS, The Vitamin Shoppe, and Subway.
The property is located on Fordham Road which offers a mix of over 300 independent shops along with national and regional chain stores. It is in close proximity to Fordham University, with over 1,200 employees and 15,500 students. Public transportation is easily accessible, with the 4, B, and D subway lines, Metro-North, and express bus lines servicing the area.
“Fordham Road retail assets are some of the Bronx’s most desirable as they rarely trade. This purchase is a great example of a buyer seeking stable yield in a rapidly improving Bronx market,” said Mr. Brumback. The buyer was represented by Moshe Majeski of Meridian Capital.