A warehouse building at 521 Bergen Avenue, located between East 148th and East 149th Streets in “The Hub” section of the South Bronx, was sold in an all-cash transaction valued at $6,000,000.
The six-story warehouse contains approximately 44,070 square feet on a 75.25’ x 99’ lot. It features a freight elevator and full basement. C4-4 zoning allows for both commercial and residential uses. Located in the heart of “The Hub,” the premier shopping district of the South Bronx, the property benefits from tremendous foot and vehicular traffic. It is in close proximity to multiple bus lines and the 2 and 5 trains, providing access to Midtown Manhattan in 20 minutes. The sale price equates to approximately $136 per square foot.
“Investors and users were attracted to this property because of its prime location in the HUB section of the Bronx, located near successful developments such as The Opera House Hotel, Via Verde, Triangle Plaza, and the upcoming La Central,” said Cushman & Wakefield’s Nick Burns, who exclusively handled this transaction along with David Simone. “We’re getting interest every week from Manhattan and Brooklyn based investors who see value in the Bronx and want to get in before the area really takes off,” added Simone.
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Neighborhoods: The Hub