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RKF Arranges $17.5 Million Sale of 50,000-SF Retail Building in the Bronx

06.05.17

Firm is Tapped to Lease the Site at 344-352 East 149th Street at “The Hub” with Potential for up to 100,000 Square Feet of Retail

NEW YORK – RKF, North America’s leading independent real estate firm specializing in retail leasing, investment sales and consulting services, announced today that it has arranged the $17.5 million sale of a 50,000-square-foot retail building at 344-352 East 149th Street in the heart of The Hub, the busiest retail corridor in the South Bronx. The transaction closed on May 18, 2017.

RKF Vice President Zach Mishaan represented both the seller, 149th Street Realty Corp, and the buyer, an affiliate of ABCAPSTONE, which plans to redevelop the building with the potential for up to 100,000 square feet of retail space. Mishaan, along with RKF Director Eddie Mamiye, is handling the marketing and leasing of the project, which is expected to be complete by May 2018.

Situated on the corner of 149th Street and Courtland Avenue, 344-352 East 149th Street is a two-story, 50,000-square-foot building with 250 feet of frontage. The space was previously occupied by Rite Aid and is currently occupied by The Salvation Army Family Store and Donation Center. The site is situated just steps from the second-busiest subway station in the Bronx and one block from Lincoln Medical Hospital in the heart of what’s known as The Hub, the South Bronx’s vibrant retail and cultural center, formed by the intersection of Third Avenue, East 149th Street, Willis Avenue and Melrose Avenue.

The area is a dense residential neighborhood with a daytime population estimated to exceed 570,000 within a two-mile radius. Retail neighbors include Aldi, Apple Bank, Bank of America, Blink Fitness (coming soon), Boston Market, Burger King, Burlington Coat Factory (coming soon), CVS/pharmacy, Capital One Bank, Carter’s, Chase, Dunkin’ Donuts, Forman Mills, GNC, House of Hoops, Marshalls (coming soon), McDonald’s, Modell’s Sporting Goods, Nine West, Planet Fitness, Rainbow, Sleepy’s, Subway, T-Mobile, TD Bank, and Walgreens.

“The City of New York has worked relentlessly to make The Hub more pedestrian and bike-friendly. As a result, this retail corridor is particularly compelling for retailers wanting to serve the neighborhood’s growing residential population, as well as area office workers,” said Mishaan. “There is no better opportunity in the market than 344-352 East 149th Street to establish a highly visible presence for one or more retailers.”

About ABCAPSTONE Group

ABCAPSTONE Group is a vertically integrated real estate company with expertise in investment, development and construction of residential and commercial projects. Over the last decade ABCAPSTONE and its affiliates have been involved in over one million square feet of ground-up development and value-add real estate projects.

About RKF

The leading independent real estate firm in North America specializing in retail leasing, investment sales and consulting services, RKF serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and dispositions. With approximately $30 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Chicago, Las Vegas, Los Angeles, Miami, Northern New Jersey, San Francisco, Toronto and Tokyo. RKF operates in Canada as RKF Group Canada Realty, a retail brokerage.

RKF’s New York City office is located at 521 Fifth Avenue, Floor 7, New York, NY 10175. T: 212.599.3700. www.rkf.com

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