New South Bronx Rental Building Signs Deals With Parking Operator and Nonprofit
A newly completed residential building at 276 Grand Concourse in the South Bronx has signed leases with a parking operator, a nonprofit and a daycare, Commercial Observer has learned.
JCS Realty, the developer of the 215-unit rental building in Mott Haven, has leased its 11,500-square-foot garage for 15 years to commercial parking operator, Sobro Parking Corp., according to landlord broker Dov Bleich of Tri State Commercial Realty. Asking rent was $35 a square foot.
Oyate Group, a neighborhood nonprofit aimed at alleviating poverty, leased 3,400 square feet for 10 years on the ground floor of the building.
Finally, All My Children, a local daycare chain, leased 1,800 square feet for five years in the building’s other ground floor retail space. Asking rent in both retail deals were $55 a square foot.
Bleich and Avi Akiva of Tri-State represented landlord Jacob Schwimmer of JCS Realty in all three deals. Their colleagues Zack Setton and Sam Hartstein represented the tenants.
“With the thousands of residential units coming up in the area, the commercial is becoming a commodity,” said Bleich, who noted that construction on the 12-story rental building was finished in January.
The property sits near the corner of East 138th Street, half a block from the 138th Street-Grand Concourse stop on the 4 and 5 trains.
Rebecca Baird-Remba can be reached at firstname.lastname@example.org.