Bronx, NY Besen & Associates recently completed the sale of the retail and garage condo units located at 941-951 Hoe Ave. Matthew Garcia and Richard Torres were the sole brokers involved in this transaction. The commercial property consists of two retail condominiums and a parking garage condominium. The property was sold for $5 million.
These retail units were constructed in 2005. It consists of 9,205 s/f within the two stores, while the parking garage consists of 55,816 s/f for 250 licensed parking spaces, totaling of 65,021 s/f.
“This was a unique asset, which featured an attractive cap rate with rental rates that allow for stable future growth,” said Garcia. The sale price equates to a 6% capitalization rate.
The retail units are near the Hunts Point Ave. Subway Station [6] train, and the Simpson St. station [2, 5] train, for easy public transportation. It is also close to the Bruckner Expressway.
“We believe strongly the Foxhurst section is where the next ‘Bronx boom’ will be happening, as we have already seen with the new Hunts Point District Mall,” said Torres.
Besen & Associates is a leading, full-service investment sales brokerage founded in 1988. It is consistently ranked a top performer by transaction volume. Besen offers deep knowledge and sophisticated analytical tools to handle all facets of commercial real estate transactions including investment sales, re-positioning, financing, or lease negotiations. Working with a range of investors from single-property owners to institutional and private equity investors, Besen customizes appropriate solutions for all of its clients.