{"id":1004236278,"date":"2018-06-20T02:21:46","date_gmt":"2018-06-20T10:21:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004236278"},"modified":"2022-12-07T21:12:55","modified_gmt":"2022-12-08T05:12:55","slug":"nyc-retail-portfolio-commands-55m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-retail-portfolio-commands-55m\/","title":{"rendered":"NYC Retail Portfolio Commands $55M"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<div id=\"attachment_1004236290\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/12-E.-167th-St..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004236290\" data-attachment-id=\"1004236290\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nyc-retail-portfolio-commands-55m\/12-e-167th-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/12-E.-167th-St..jpg\" data-orig-size=\"516,387\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"12 E. 167th St.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;12 E. 167th St.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/12-E.-167th-St..jpg?w=516\" class=\"wp-image-1004236290 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/12-E.-167th-St..jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/12-E.-167th-St..jpg 516w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/12-E.-167th-St..jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004236290\" class=\"wp-caption-text\">12 E. 167th St.<\/p><\/div>\n<p>Jonathan Wiener of Chestnut Holdings has acquired a 19-property portfolio spread out in the New York boroughs of the Bronx, Brooklyn and Yonkers, from a New York City family, for $55 million.<\/p>\n<p>Overall, the portfolio consists of 18 retail properties and one vacant lot, for a total of 106,708 square feet of rentable retail space and 493,679 buildable square feet. Marcus &amp; Millichap facilitated the transaction, working on behalf of the sellers\u2014who had owned the properties for about three decades\u2014and also procured the buyer.<\/p>\n<p>Two sites in Yonkers are located at 268-274 Riverdale Ave. and 417-433 Riverdale Ave. The Brooklyn properties involved in the sale include those located at 191 York St.,&nbsp;416 Crescent St., 578-584 Rockaway Ave. and 104-15 Glenwood Road.<\/p>\n<p>The portfolio\u2019s Bronx properties consist of:<\/p>\n<ul>\n<li>300-312 E. 194th&nbsp;St.<\/li>\n<li>2609 Marion Ave.<\/li>\n<li>2172 Crotona Ave.<\/li>\n<li>1671-1687 Macombs Road<\/li>\n<li>239-245 E. Tremont Ave.<\/li>\n<li>408-414 E. Tremont Ave.<\/li>\n<li>132-140 Featherbed Lane<\/li>\n<li>7 E. 172nd&nbsp;St.<\/li>\n<li>1434 Jerome Ave.<\/li>\n<li>12-28 E. 167th&nbsp;St.<\/li>\n<li>1001-1005 Ogden Ave.<\/li>\n<li>1401-1413 Bronx River Ave.&nbsp;<\/li>\n<li>1544 E. 174th&nbsp;St.<\/li>\n<\/ul>\n<h2>NYC retail on the rise<\/h2>\n<p>A recent Marcus &amp; Millichap report revealed <a href=\"https:\/\/www.commercialsearch.com\/news\/how-does-supply-shortage-impact-nyc-retail-sector\/\">retail development in metro New York City<\/a> is reaching a high for this cycle, bringing steady, tight vacancies and generally substantial rent increases.<\/p>\n<p><em>\u201cThis was a great value-add opportunity for an experienced operator in the Bronx,\u201d <\/em>Mark Gjonbalaj, Marcus &amp; Millichap\u2019s senior associate, said in a prepared statement. \u201c<em>Despite the uncertainty floating around the future of retail these days, we quickly generated multiple strong offers and closed at 98 percent of the asking price.\u201d<\/em><\/p>\n<p>According to the 2018 second-quarter report, Marcus &amp; Millichap projects the retail market bifurcating between North Brooklyn, where asking rents fell, and Downtown and South Brooklyn, where rates increased.<\/p>\n<p><em>Image courtesy of Marcus &amp; Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marcus &amp; Millichap worked on behalf of the seller\u2014a longtime family owner\u2014in the 19-property transaction and also procured the buyer, Chestnut Holdings.<\/p>\n","protected":false},"author":451,"featured_media":1004236290,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1600,21742,10,21749],"tags":[34836],"class_list":["post-1004236278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-new-york","category-latest","category-northeast","category-retail","tag-marcus-millichap"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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