Ariel Property Advisors (Ariel) announced it has arranged the closing of five transactions in the Bronx, totaling $20,175,000. The deals encompass the sale of two industrial warehouses and three development sites and include the following transactions:
- 1419 Inwood Avenue: Ariel arranged the $5,200,000 sale of 1419 Inwood Avenue, a 27,000-square-foot warehouse in the Mount Eden section of the Bronx. The property sits on a C8-3 zoned site and allows for a development totaling approximately 87,000 BSF. An Ariel team comprised of Jason M. Gold, Senior Director, and Daniel Mahfar, Director, arranged the sale on behalf of the seller.
- 1414 Cromwell Inwood Avenue: Ariel also arranged the $4,525,000 sale of a 27,000-square-foot warehouse adjacent to 1419 Inwood Avenue, creating a block through development opportunity for the buyer of both properties. This property also sits on a C8-3 zoned site and allows for a development totaling approximately 87,000 BSF. An Ariel team comprised of Jason M. Gold, Senior Director, and Daniel Mahfar, Director, arranged the sale on behalf of the seller.
- 3165 Villa Avenue: Ariel arranged the $4,500,000 sale of a development site offering 39,130 BSF with a 421a vested tax abatement and approved plans for 57 residential apartments at 3165 Villa Avenue in the Bedford Park section of the Bronx. An Ariel team comprised of Victor Sozio, Founding Partner, Benjamin Vago, Director, Daniel Mahfar, Director, and Jason M. Gold, Senior Director, arranged the sale of the property, which represents one of the highest per buildable square foot prices secured in this market.
- 431-439 Concord Avenue: Ariel arranged the $4,900,000 sale of a large-scale development site offering 75,750 buildable square feet at 431-439 Concord Avenue in the Mott Haven section of the Bronx. Comprised of two contiguous lots on Concord Avenue between East 144th and East 145th Streets, the site is in an Opportunity Zone and was recently rezoned to R7D/R7-1 with a Mandatory Inclusionary Housing (MIH) provision. An Ariel team including Daniel Mahfar, Director, Victor Sozio, Founding Partner, and Jason Gold, Senior Director, arranged the transaction on behalf of the seller.
- 441 Concord Avenue: In a separate transaction, Ariel arranged the $1,050,000 sale of the 16,000 BSF corner development site at 441 Concord Avenue to the same buyer as the adjacent 431-439 Concord Avenue site. An Ariel team comprised of Michael Tortorici, Founding Partner, Jason M. Gold, Senior Director, and Daniel Mahfar, Director, arranged the sale of the property on behalf of the seller.
About Ariel Property Advisors
Ariel Property Advisors is a New York City-based commercial real estate services and advisory company with three main groups: investment sales, capital services and research. The Investment Sales Group covers all major commercial asset types throughout the NY metropolitan area, while the Capital Services Group provides clients nationwide with custom tailored financing. Finally, our Research team empowers our professionals and clients with timely market reports. More information is available at arielpa.nyc
