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950 University Avenue

Prime Storage Group Acquires Industrial Property In Highbridge, Bronx For $28.5M

950 University Avenue

67,000 SF
clock iconSold 1 year ago
Itanel (Itan) Rahmani
Yehuda Goltche
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67,000 sqft

An industrial property located at 950 University Avenue in Highbridge, Bronx has been sold for $28,500,000. The property spans 67,000 square feet, resulting in a price per square foot of $425. The sale took place on 09/03/2020. The buyer of the property is Prime Storage Group, while the seller is Knickpoint Ventures - Matt Sprayregen. The transaction was facilitated by Itan Rahmani and Yehuda Goltche from VCPRE. The property is situated in a Highbridge market and is zoned for industrial use (M1-5). Its lot size is 175 ft x 452.75 ft. The building has a floor area ratio (FAR) of 3.35. The previous sale of the property was in May 2012 for $10,850,000.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $28,500,000
  • Buyer: Prime Storage Group
  • Seller: Knickpoint Ventures - Matt Sprayregen
  • Broker: Itan Rahmani & Yehuda Goltche @VCPRE
  • Date: 09/03/2020
  • Address: 950 University Avenue
  • Market: Highbridge, Bronx
  • Zoning: M1-5
  • Square Footage: 67,000
  • Price Per Square Foot: $425
  • Floor Area Ratio (FAR): 3.35
  • Lot Size: 175 ft x 452.75 ft
  • Last Sale Price: $10,850,000 (5/2012)

According to Itan Rahmani, the broker involved in the transaction, this deal marked the largest transaction that has closed in the Bronx since the beginning of the Covid-19 pandemic. It is also the largest storage trade in the borough since 2017. The completion of this transaction required navigating through the unique challenges presented by Covid-19.


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Itanel (Itan) Rahmani's profile picture
Itanel (Itan) Rahmani
Venture Capital Properties-image
Vice President
$364.9M Sold


Deal Summary
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IMAGE: Yehuda Goltche, Matt Sprayregen & Itan Rahmani DATE: 09/03/2020 ADDRESS: 950 University Avenue MARKET: Highbridge, Bronx ASSET TYPE: Industrial ~ ZONING: M1-5 BUYER: Prime Storage Group SELLER: Knickpoint Ventures - Matt Sprayregen BROKER: Itan Rahmani & Yehuda Goltche @VCPRE PRICE: $28,500,000 SF: 67,000 ~ PPSF: $425 FAR AS BUILT: 3.35 LOT SIZE: 175 ft x 452.75 LAST SALE PRICE: $10,850,000 (5/2012) NOTE FROM THE BROKER (Itan Rahmani): “Thanks to everyone who was involved in making this transaction happen, especially navigating through the unique challenges Covid-19 presented. This is the largest transaction that has closed in the Bronx since Covid began and the largest storage trade in the borough since 2017.”

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Address950 University Avenue


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