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Commonpoint And Apex Development Group Acquire Development Site In Bronx From Madison Square Boys & Girls Club For $7.9M

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SOLD
$7,900,000

New York

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Development Site36,900 SF
Sold 11/27/2024
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Property Image
SOLD

Commonpoint And Apex Development Group Acquire Development Site In Bronx From Madison Square Boys & Girls Club For $7.9M

1665 Hoe Avenue

See Similar Deals
Development Site36,900 SF
Sold 11/27/2024
the dealdetailscomps

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$214
Total Square Footage:36,900 SF
Transaction Type:Sale

The property involved in this transaction is a development site located at 1665 Hoe Avenue in the Bronx. The asset was sold for $7,900,000 and has a total square footage of 36,900, translating to a price per square foot of $214.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $7,900,000
  • Address: 1665 Hoe Avenue
  • Market: Bronx
  • Square Footage: 36,900
  • Price per Square Foot: $214
  • Buyer: Commonpoint & Apex Development Group
  • Seller: Madison Square Boys & Girls Club

The transaction was facilitated by Commonpoint, a nonprofit organization based in Queens, and Apex Development Group, known for their expertise in working with nonprofits on complex development projects. Leading the effort from Commonpoint are Danielle Ellman and Craig Lastres, while Andrew Esposito and Chris Karalis represent Apex. This partnership aims to redevelop a former YMCA building in the Claremont section to enhance community services.

Details

SOLD
IMAGE: Chris Karalis, Andrew Esposito, Craig Lastres & Danielle Ellman DATE: 11/27/2024 ADDRESS: 1665 Hoe Avenue MARKET: Bronx ASSET TYPE: Development Site BUYER: Commonpoint (@CommonpointNY) (@SYEP_Commonpoint), (@OpportunityYouth), (@CommonPointYouthHub), & Apex Development Group (@ApexDevelopmentGroupNY) SELLER: Madison Square Boys & Girls Club SALE PRICE: $7,900,000 SF: 36,900 ~ PPSF: $214 NOTE FROM BUYER: Queens-based nonprofit Commonpoint, led by Danielle Ellman and Craig Lastres, is expanding its presence in the Bronx with the redevelopment of a former YMCA building serving families and children in the Claremont section. With 82 locations spanning from the Bronx to Virginia and serving over 80,000 people, Commonpoint has a proven track record of community impact. To bring this vision to life, they have partnered with Apex Development Group, a highly regarded firm renowned for its expertise in collaborating with nonprofits and executing complex projects involving charter schools, affordable housing, rezoning, and large-scale community revitalization. Apex, led by Andrew Esposito and Chris Karalis, excels at navigating challenging development landscapes, combining strategic vision with hands-on execution to deliver exceptional results. The team facilitated the transaction and will spearhead the state-of-the-art renovation. Both Commonpoint and Apex Development Group are thrilled to join forces on this transformative project and create something extraordinary for the Claremont community.

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