Top 5 Office Building Sales—September 2020

Source: PropertyShark, a Yardi Systems Inc. company

1. 980 E. 149 St., Bronx
   Sale Price: $117,791,000

Dune Real Estate Partners has entered into a joint venture with Turnbridge Equities for ownership and development of a last-mile distribution center. Dubbed the Bronx Logistics Center, the project will take shape on a 14-acre site, which includes the property at 980 E. 149 St. The partnership also secured $105 million in construction financing from J.P. Morgan for the 1.2 million-square-foot development. Upon completion, the industrial property is slated to be one of the region’s largest multi-story, last-mile distribution hubs.

2. 2720 Jerome Ave., Bronx
   Sale Price: $12,750,000

KIPP NYC acquired the 19,000-square-foot property located in Fordham. Completed in 1983, the two-story building includes one commercial unit and is situated on a 0.5-acre lot. The seller had owned the asset since 1982. Nearby transportation options include the 4-subway line at the NE corner of Jerome Avenue and Kingsbridge Road, as well as the BX28 bus line at the intersection of Jerome Avenue and East 196 Street.

3. 118 E. 25th St. #7, Manhattan
   Sale Price: $19,000,000

118 E. 25th St. #7, Manhattan

The 4,000-square-foot commercial unit spans the entire seventh floor of the nearly 50,000-square-foot mixed-use property, which was completed in 1983. The sold unit features nearly 11.3-foot beamed ceilings and 15 oversized windows facing North, South and East. Located in the Flatiron District, the co-op building overlooks Lexington Avenue Armory and is one block from Madison Square Park. Recent capital improvements include new windows and elevators.

4. 1468 Williamsbridge Road, Bronx
   Sale Price: $1,827,500

An entity affiliated with Mermelstein Development acquired the 7,227-square-foot low-rise building in Westchester Village. The seller was Bronxwood Assisted Living. Pangea Mortgage Capital facilitated the transaction with $1.9 million in acquisition financing, which carries a 6.75 percent interest rate and is scheduled to mature in September 2021. Completed in 1911 and upgraded in 2001, the professional property includes two commercial units.

5. 158 Brighton 11th St., Brooklyn
   Sale Price: $995,000

The 2,325-square-foot professional building is located in Brighton Beach and was completed in 1940. The sale closed with financial assistance from TD Bank, which originated $650,000 in acquisition funding. The permanent mortgage carries a 7-percent interest rate and a maturity date set for September 2030. The property previously changed hands in 2008. Transportation options in the area include the B-Q subway line and the B1 bus line, both less than 1 mile away.