Nonprofit The Bridge Signs 9K-SF Lease at 521 Bergen Avenue in the Bronx
By Mark Hallum September 11, 2024 1:19 pm
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A supportive housing and programming provider will open an adult services center at Rubenstein Partners’ 521 Bergen Avenue in the Bronx, Commercial Observer has learned.
The Bridge is setting up in the South Bronx after signing an 8,648-square-foot, 10-year lease, according to tenant broker Samuel Hartstein of Gemstone Realty Group. Asking rent was $39 per square foot.
“The Bridge is an amazing agency that has been doing wonderful work for the community for many years, and it was truly an honor to represent them as they expand their services,” Hartstein said in a statement.
JLL (JLL)’s William Korchak and Edward DiTolla negotiated on behalf of Rubenstein Partners but did not immediately respond to a request for comment.
The Bridge will take over the fifth floor of the six-story building. It offers supportive housing and health services to adults and has other locations at 248 West 108th Street, 350 East 84th Street, 912 Amsterdam Avenue and 2492 Adam Clayton Powell Jr. Boulevard.
Rubenstein owns the building in a joint venture with Bridgerock Capital, and the pair bought the property from Abingdon Square Partners for $11.8 million in 2019. The buyers later renovated the building’s retail component, building systems, lobby and elevators with leasing kicking off in earnest in 2022.
Mark Hallum can be reached at mhallum@commercialobserver.com.
