Atlantic Development sells 350 Grand Concourse to Shorewood - $28.5m

Bronx, NY RIPCO Real Estate has arranged the sale of 350 Grand Concourse, a development site located in the Mott Haven neighborhood. The buyer, Shorewood Real Estate Group, acquired the site for $28.5 million from Atlantic Development & Investment. RIPCO represented the seller and buyer in this transaction, which just closed.

350 Grand Concourse spans over 31,000 s/f and features more than 300 ft. of frontage along the Grand Concourse. The property represents a significant investment and a transformative opportunity to impact the neighborhood. The RIPCO team represented Atlantic Development & Investment and Shorewood Real Estate Group. The team included Mitchel Flaherty, executive managing director; Brian Whelan, executive managing director; Stephen Preuss, vice chairman and Kevin Schmitz, vice president of investment sales.

“We are extremely pleased to have played a key role in the sale of 350 Grand Concourse, a truly exceptional development site in one of the Bronx’s most dynamic neighborhoods,” said Flaherty. “Mott Haven’s ongoing transformation into a thriving residential and commercial hub presents an unparalleled opportunity for developers, and this site is perfectly positioned to capitalize on that momentum.”

“The sale of 350 Grand Concourse underscores Mott Haven’s growth. We’re thrilled to have represented the seller in this transaction and to have sourced a buyer who plans to develop a 220,000 s/f grocery-anchored, mixed-use project just a short walk from the subway,” said Schmitz. “This project is poised to make a significant positive impact on the Mott Haven community.”