Western Bronx Building Sells for $14.8M
Sara Pepitone June 18, 2015, 10:15 a.m.
A 67,000-square-foot, mixed-used building in the Kingsbridge Heights section of the Bronx has sold for $14.8 million.
Adelaide Polsinelli, a principal of Eastern Consolidated, represented the seller of 135-145 West Kingsbridge Road, listed as Kingsbridge Owners LLC, an affiliate of AAG Management Inc., while colleague Ronda Rogovin, principal, represented the buyer, Ryan-Amanda LLC, The Morgan Group.
“This property is located in an area that is the heart and soul of New York City,” said Ms. Polsinelli, head of Eastern’s Retail Sales and Leasing. “The strength of the retail was a driving force in achieving the price that we were able to obtain, as well as the recent attention the Bronx has been enjoying. The investor appetite for core residential investments is continuing at a rapid clip in every borough.”
The six-story walk-up built in 1922 consists of 10 fully occupied retail stores, including Caridad Restaurant, and 57 mostly regulated apartments, plus one for the super.
“The property offers an excellent value-add opportunity with future upside and is a desirable addition to the portfolio of the investor, a major owner-operator of multifamily buildings in the Bronx,” said Ms. Rogovin.