Simone Development Companies Acquires Industrial Property In Pelham Bay, Bronx For $44.9M

The property involved in this transaction is located at 1720 Eastchester Road in Pelham Bay, Bronx. It is an industrial asset with a total square footage of 62,660. The sale price for this property was $44,873,817, resulting in a price per square foot of $716.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $44,873,817
• Market: Pelham Bay, Bronx
• Buyer: Simone Development Companies - Joe Simone
• Seller: Madison International Realty - Ehud Kupperman
• Brokers: Jonathan Squires, Joshua Neustadter, Austin Weiner - Cushman & Wakefield; Joshua King - Newmark

Cushman & Wakefield represented Madison International Realty in the sale of the leasehold position of 1720 Eastchester Road. They have also been retained as the exclusive leasing agent for the property. The property is planned to be repositioned as a state-of-the-art distribution and logistics center, with a total area of approximately 190,000 square feet. This includes 63,000 square feet of building space, 65,000 square feet of land, and 59,000 square feet of rooftop parking.