Sales Beat

Cohen Commercial Properties Acquires Bronx Retail Property for $11.425M

Citibank-Bronx.jpg

Cohen Commercial Properties has acquired a 12,212-square-foot, two-tenant, retail property at 1800 Williamsbridge Road in the Bronx for $11.425 million, The Commercial Observer has learned.

“It is a conservative investment, but it’s in an area that currently and in the longer term is going to appreciate in value,” Andrew Cohen, chief executive officer at CCP, said of the acquisition. Read More

Sales Beat

Madison Capital and Institutional Owner Pay $80 M for Five Properties Across the Boroughs With Citibank Retail

181 Montague Street, Brooklyn Heights

A joint venture between Madison Capital and an institutional owner has purchased a portfolio of five Citibank retail bank branches across Manhattan, Brooklyn, Queens and the Bronx for $80.55 million.

A team from Newmark Grubb Knight Frank led by Kenneth Zakin arranged the sale and is exclusively marketing seller FGP West Street’s New York portfolio of 18 Citibank-leased properties purchased from Citibank in 2007.

“We are thrilled to complete the sale of this core group of properties, which consisted of the most valuable assets in the entire portfolio,” said Mr. Zakin, who brokered the transaction with Randall Liberman and Hymie Dweck, adding that Madison Capital solidified the deal following a competitive bidding process.  “Madison Capital stepped up and submitted an aggressive bid for the five-property portfolio.” Read More