Marcus & Millichap brokers $16.25 million sale of Ponce Bank flagship headquarters in the Bronx

Bronx, NY Marcus & Millichap negotiated the sale of a net-leased bank property occupied by Ponce Bank. The asset sold for $16.25 million.

“This property drew tremendous interest as it was a true management-free NNN investment with annual increases,” said Steven Siegel of Marcus & Millichap’s New York office. “Unlike most other single-tenant properties, this was a large parcel with significant future development potential, in addition to being right by the subway. We created a competitive bidding environment, and in the final stage, three buyers aggressively pushed the price up and the cap down to 6.1%. Ultimately, we selected an all-cash 1031 buyer.”

Siegel exclusively marketed the property on behalf of the seller, Arc Trust. The buyer, completing a 1031 exchange, was procured by Judson Kauffman of Surmont.

The property is located at 2244 Westchester Ave. and totals 28,819 s/f on a .96-acre lot. The two-story building was constructed in 1970 and has 52 on-site parking spaces. The branch holds $220 million in deposits and has served as Ponce Bank’s flagship branch and corporate headquarters for 25 years.

The property is situated in front of the Castle Hill Ave. station and is near the Bronx Zoo, New York Botanical Garden and Fordham University.