Rudin Puts Bronx Mixed-Use Property on the Market
The Rudin family is selling its building at 1400 Benson Street in the Bronx, Commercial Observer has learned. This is the first time the mixed-use property — operated by Rudin Management Company for 95 years — has been on the market, according to an offering memorandum shared with CO.
“As our only residential property outside of Manhattan, 1400 Benson has long been an outlier in our multifamily portfolio,” a spokeswoman for Rudin Management Company told CO. “We decided a few years ago to explore a sale of the property after finishing a multi-year capital improvement program, which we completed last year.”
The asset is being marketed by a Cushman & Wakefield team and has an asking price of $12.8 million, or $232 per square foot. A spokesman for C&W couldn’t immediately be reached for comment but Jonathan Squires, Josh King, Michael Fioravanti, Eric Roth, Shayne Soltan and Robert Shapiro are the transaction leads listed in the offering memorandum.
The property is also known as 20 Westchester Square and was built in 1925. Samuel Rudin decided to buy the lot and construct the 64-unit building after “driving past the lumber yard on Westchester Square on his everyday commute,” the memo states. Today, the building comprises 58 residential units and six ground-floor retail spaces. Its residential component consists of 36 one-bedroom, 21 two-bedroom and one three-bedroom apartments.
Located in the heart of Westchester Square, the property is close to numerous medical and educational institutions, including Mercy College, Cavalry Hospital, Albert Einstein College of Medicine, Jacobi Hospital and Yeshiva University.
The rest of the company’s residential portfolio is scattered across the Upper East Side, Upper West Side, Midtown East, Murray Hill and Greenwich Village.