Global Management Acquires Development Site In Little Italy, Bronx For $2.3M

A development site in Little Italy, Bronx has been sold for a price of $2,295,000. The property, located at 2330 Cambreleng Ave & 2335 Beaumont Ave, includes development rights and was purchased by Global Management represented by Aaron Yaghoobian & Zach Yaghoobian. The seller, John Colangelo, was represented by Matthew Barbaccia from Brix Real Estate Advisors. The site has a building square footage of 32,508 with a price per square footage of $70. The transaction was completed on June 11, 2021, and involved the sale of both land and air rights.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $2,295,000
• Address: 2330 Cambreleng Ave & 2335 Beaumont Ave
• Market: Little Italy, Bronx
• Buyer: Global Management - Aaron Yaghoobian & Zach Yaghoobian
• Seller: John Colangelo
• Broker: Matthew Barbaccia - Brix Real Estate Advisors
• Building Square Footage: 32,508
• Price Per Square Footage: $70

The transaction, which involved the purchase of the development site and its associated air rights, was made through an opportunity fund. The deal closed on June 11, 2021, marking a significant investment in the Little Italy market in the Bronx.