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Shlepper’s Moving & Storage Acquires Industrial Property In Morrisania, Bronx For $14M

437-441 East 164th Street, 432-442 East 165th Street, & 448 East 165th Street
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This Industrial property located in NY was sold for $14,000,000 over 3 years ago. The brokers of the deal were Steve Lorenzo, Vickram Jambu, Jonathan Braun, George Steffani, Fredric Stein, and Chris Varjan

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

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.

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Deals
  • Location
    164 East 165th Street, Bronx, NY 10456164 East 165th Street, Bronx, NY 10456
  • Sale Price
    $14,000,000$14,000,000
    $254 PPSF$254 PPSF
  • Area
    55,010 SF55,010 SF
  • Asset Type
    IndustrialIndustrial
  • Parties
    6 Brokers, 3 Agencies6 Brokers, 3 Agencies

Agents

Vickram Jambu

Vickram Jambu

Deals20
Financed$601.9M

George Steffani

George Steffani

Deals20
Financed$271.5M

Chris Varjan

Chris Varjan

Deals25
Financed$400.8M

Jonathan Braun

Jonathan Braun

Deals20
Financed$271.5M

Agencies

Lee & Associates

Lee & Associates

Agency
Deals974
Volume$10B

JLL

JLL

Agency
Deals5591
Volume$332.6B

Pinnacle Realty of New York

Pinnacle Realty of New York

Agency
Deals27
Volume$752M

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Deal Summary

SALE IMAGE: Vickram Jambu, Jonathan Braun (@BraunJon), George Steffani, Chris Varjan (@CVar23) & Steve Lorenzo DATE: 09/11/2020 ADDRESS: 437-441 East 164th St, 432-442 East 165th St, & 448 East 165th St MARKET: Morrisania, Bronx ASSET TYPE: Industrial 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 - @LeeAssociatesNYC LISTING BROKERS: Pinnacle Realty NY - Fredric Stein, Ariel Castellanos (@AriiiNYC), Federico Mazzeo PRICE: $14,000,000 SF: 55,010 ~ PPSF: $254 BSF: 59,207 ~ PPBSF: $236 NOTE: @LeeAssociatesNYC was able to structure terms of this deal that were mutually beneficial to both parties. This included a lease prior to closing that enabled the purchaser to occupy the space while maintaining a longer closing period to meet their 1031 exchange requirements. This also provided the seller with cashflow on the vacant building for several months until closing.

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437-441 East 164th Street, 432-442 East 165th Street, & 448 East 165th Street

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