The industrial property located at 437-441 East 164th St, 432-442 East 165th St, and 448 East 165th St in Morrisania, Bronx was recently sold for $14,000,000. The property spans a total of 55,010 square feet, resulting in a price per square foot of $254. The building square footage is 59,207, leading to a price per building square foot of $236.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $14,000,000
• Market: Morrisania, Bronx
• Buyer: Shlepper’s Moving & Storage - Raz Itzhaki
• Seller: A&I Bronx Realty Corp - Izzy Kubersky
• Brokers: Chris Varjan, Jonathan Braun, Steve Lorenzo, Vick Jambu, & George Steffani from Lee Associates NYC
• Listing Brokers: Pinnacle Realty NY - Fredric Stein, Ariel Castellanos, Federico Mazzeo

In addition to the successful sale, Lee Associates NYC was able to structure terms of the deal that were mutually beneficial to both the buyer and the seller. This included arranging a lease agreement prior to closing, which allowed the purchaser to occupy the space while meeting their 1031 exchange requirements. The lease also provided the seller with cashflow on the vacant building for several months until the closing.