
Bronx, NY Simone Development Companies said that the largest fastener distributor in North America, Fastenal Company, has signed a 7,100 s/f, long-term warehouse lease at 1448 Ferris Pl.
Josh Gopan, vice president of leasing at Simone Development, along with Jeremy Schwartz, director of leasing at Simone Development, and in-house counsel Patrick Doyle, represented ownership, while Fastenal Company was repped by Mathew Diana of DY Realty.
The street-level property spans 7,100 s/f and underwent renovations in 2015. 1448 Ferris Pl. has close proximity to the #6 train and the Hutchinson River Pkwy., offering direct access to the city and the tri-state area.
“We are thrilled to welcome Fastenal Company to 1448 Ferris Place, an ideally located warehouse space in the Westchester Square neighborhood of the Bronx,” said Gopan. “As the property’s exclusive tenant, Fastenal will benefit from its exceptional features and convenient access to multiple transporation options.”
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,