Marcus & Millichap brokers sale of $10.28 million industrial property in the Bronx

Bronx, NY Marcus & Millichap negotiated the $10.275 million sale of an industrial property at 935 Garrison Ave.

“This transaction reflects both the depth of demand for NYC industrial outdoor storage and the value of running a disciplined, competitive process,” said Jakub Nowak in Marcus & Millichap’s New York City office. “By keeping local investors, owner-users and institutional capital engaged throughout the process, we achieved strong pricing for the submarket. Investors are paying a premium for open land that can support truck parking, fleet operations and last-mile logistics, uses that are increasingly difficult to accommodate as vacant industrial land in New York City becomes scarcer.”

Nowak, Steven Siegel, and Michael Maldonado of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the buyer.

935 Garrison Ave. includes a 9,200 s/f warehouse on a 40,078 s/f. Located in the Special Hunts Point District, this property sits in a Qualified Opportunity Zone and was delivered vacant, providing redevelopment potential for the new owners. The Special District (HP) rules permit large food retail operations and distribution centers, as well as community facility uses, including libraries, museums and community centers, without the typical size and parking constraints within M1 districts. The site is also FRESH Program-eligible, meaning 20,000 zoning s/f can be added for food-related retail uses.

The property has direct access to I-278, known as the Bruckner Expwy., and I-95. It is also served by nearby subway lines and bus routes.