FOR IMMEDIATE RELEASE

NEW YORK, NY – June 22, 2016 – Ariel Property Advisors has closed the sale of 1943-1955 Westchester Avenue, a fully occupied 9,000 square foot retail strip located in the Parkchester section of The Bronx. The property sold for $7.75 million, which translates to $861 per square foot, a value well above the area’s average price per square foot for commercial buildings of $461.

1943-1955 Westchester Avenue commercial tenants have strong credit ratings and include: H&R Block, GNC, Petland, and a furniture store. R6 / C1-2 zoning also provides an additional 21,009 square feet of air rights, adding extra potential for future development.

Exclusive agents Victor Sozio, Shimon Shkury, Jason Gold, Scot Hirschfield, and Marko Agbaba represented the seller, the Vanbarton Group, and procured the buyer, a private investor. “The property’s strong retail performance from existing tenants and its future upside potential made it a magnet for commercial property investors throughout the city,” said Marko Agbaba, a Sales Associate at Ariel Property Advisors who helped lead the transaction.

The property is less than a block away from the 6 subway line at High J. Grant Circle and steps away from New York Public Library.

1031-1049 Westchester Avenue & 1057 Southern Boulevard

Ariel Property Advisors has been exclusively retained to sell 1031-1049 Westchester Avenue & 1057 Southern Boulevard, a 24,000 square foot retail/medical property spanning the entire northern block front of Westchester Avenue between Simpson Street and Southern Boulevard in Morrisania, a neighborhood in the south Bronx.

Anchored by JP Morgan Chase and Walgreens, the assemblage has seven retail tenants and 1 office tenant. Walgreens has a lease in place at 1031-1041 Westchester Avenue until 2051. Future potential air rights provide 50,861 square feet of additional development.

Exclusive agents Victor Sozio, Shimon Shkury, Jason M. Gold, Scot Hirschfield, and Marko Agbaba are representing the seller, a private investor. “With its foot traffic, accessibility, and a quality group of credit tenants, this assemblage offers investors the opportunity to gain a significant retail presence in the rapidly emerging South Bronx,” said Victor Sozio, Executive Vice President at Ariel Property Advisors.

A new 2-level retail center, dubbed The Crossings at Southern, is being developed at the intersection of Hunts Point Ave and Southern Blvd, just two blocks from 1031-1049 Westchester Avenue & 1057 Southern Boulevard. The project has secured leases with Dollar Tree, Red Lobster and McDonald’s.