A local adult daycare chain has inked a lease for a new location in the South Bronx, according to its brokers.
Forever Young Daycare took 10,000 square feet at 1100 Franklin Avenue in Morrisania, at the corner of East 166th Street. Asking rent for the space was $27 a square foot, brokers at Tri State Commercial Realty told Commercial Observer, though the space ultimately rented for $25 a square foot. The lease is for ten years, with the option for a five-year extension.
The organization, which provides services and activities for older adults with physical and cognitive impairments, has two other Bronx locations in Morris Heights and Mott Haven.
Tri State’s Dov Bleich and Sam Hartstein represented both the landlord, Franklin Avenue Estates, and the tenant in the transaction. The space had been on the market for several years, and Bleich said they were able to lease it after about six months of looking for a tenant.
“It’s very refreshing to see vacancies from a few years on the market finally being leased,” said Bleich. “We’re happy to continue servicing the Bronx.”
Rebecca Baird-Remba can be reached at email@example.com.