Pyramid Investors JV arranges $6.65 million sale of former Pyramid Reception Center

Pyramid Investors JV LLC, a joint venture between Manhattan-based Bluestone Group and Bronx developers Altmark Group arranged the $6.65 million purchase of the property known as the former Pyramid Reception Center (and YMCA) at 470 East 161st St. in the Melrose section of the borough from New York State OGS (NYSOGS). NYSOGS was represented by Ivan Diaz of Diaz & Associates. The buyer was not represented by any party. The JV is considering various community based options for the development of the 60,000 s/f building and the adjoining land, and have retained John Peters at Cushman & Wakefield to market the asset to potential tenants and users. The Melrose area is experiencing continued growth with the recent completion of Atlantic Development's 700 unit Boricua College and Village, the leasing of the Brook House furniture building to the non-profit Boom! Health, and the