Choyce Peterson brokers $10.35 million sale of 45,876 s/f industrial building

Bronx, NY Choyce Peterson, Inc. negotiated the sale of one of the five largest industrial properties to be sold in the North Bronx in the last ten years, a 45,876 s/f industrial building located at 4341 Bullard Ave. Choyce Peterson brokered the sale for $10.35 million on behalf of the owners, Mark Silberman and Susan Dahlstrom.

After roughly a year and a half of providing occasional advice on matters such as valuation and leasing, Choyce Peterson’s capital markets team, led by vice president Scott Peterson and principal Alan Peterson, was appointed by Silberman and Dahlstrom as the exclusive sale listing agent. The property had been fully leased to Montefiore Einstein since 1986. Located less than 300 ft. from direct access to the Bronx River Pkwy. and in close proximity to major transportation routes including I-87, I-95, and Rte. 1, the property offers logistical advantages for distribution, warehouse, and last-mile users. The property has six loading docks, one drive-in door, 4,000 s/f of office space, and 27,000 s/f of warehouse space with 22-ft. ceilings.

“This property has been in our family since it was built in 1961,” said Silberman and Dahlstrom. “This was an excellent time for us to place the property in the hands of a new owner and we’re very pleased with the favorable outcome that Scott and Alan helped us achieve.”

The buyer, Bullard Properties LLC, was represented by Michael Rao of New York Commercial Realty Group, LLC.

According to CoStar, at the time of the sale, the property had more than twice the square footage of any other industrial building for sale in the North Bronx, and had more than three times as much land. With many investors anticipating additional regulation in the New York constraining future development of similar properties, demand for an existing structure of this size was high.

Choyce Peterson marketed the property through its network of prospective buyers, promoted the opportunity across multiple commercial listing platforms, and leveraged social media channels to maximize market exposure. 

“We had a great deal of interest from all manner of buyers: developers, investors and owner occupants from a wide variety of industries,” said Scott Peterson. “This was a highly competitive sale.”