News:
Brokerage
Posted: October 25, 2022
Squires, Neustadter and Weiner of C&W broker $5.5 million sale
New York, NY Cushman & Wakefield arranged the sale of an 11,104 s/f motel located at 1440 East 222nd St. in the Bronx. The final sale price was $5.5 million.
Cushman & Wakefield’s Jonathan Squires, Josh Neustadter and Austin Weiner represented the seller, Bay Chester Motel, Inc., in the transaction. The property was acquired by Bay Plaza 1440 LLC.
“This offering was a rare opportunity to purchase a value-add motel in the North Bronx right off I-95 and steps to various forms of public transportation,” said Squires. “This sale is part of the continuous redevelopment of the Bronx as both a place to live and a destination.”
1440 East 222nd St. is an 11,104 s/f motel on a block-through, 15,943 s/f M1-1 zoned lot. The motel features 25 units, an accessory office and 35 parking spaces. The property will be delivered vacant.
Located in the Baychester neighborhood, the property is accessible via the Baychester Ave. subway station serviced by the 5 train. The property is surrounded by an array of retail, dining and entertainment options.
Tags:
Brokerage
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Quick Hits
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
