Stassa of NAI Friedland brokers $5.19 million sale of 40,000 s/f building

NAI Friedland Realty brokered a sale for 4401 Bronx Blvd., to Montefiore Medical Center for $5.19 million. The 40,000 s/f building, also known as the Farrand Building, is located at the corner of Nereid Ave. Rick Stassa of NAI Friedland represented both the buyer and seller. The property had been operated by Our Lady of Mercy Medical as a rehabilitation center for substance abuse and counseling. Medical research had also been done at the building. Montefiore will continue to use the building in the same capacity. "The property was difficult to market in that it could only be used by a single user and it could not divide easily," said Stassa. "Furthermore, the taxes were high since they had never been contested. Given those issues, we believed the only logical buyer of the property was a not-for-profit institution. Even in this difficult economy, we had a number of buyers who were interested in the building." Stassa has been a broker with NAI Friedland Realty for 16 years and was recently named one of CoStar's top 10 Brokers in the region. NAI Friedland, founded in 1970, is a full service commercial real estate firm covering the entire metropolitan New York area, with a majority of its business in Westchester County and the Bronx, but additionally in Putnam and Rockland Counties, New York City, Connecticut, and New Jersey. Headquartered in Yonkers, Friedland also maintains a satellite office in Manhattan. Friedland sales staff members strive to provide guidance and informa tion that enables clients to make the best lease or purchase decisions. Brokers in Friedland's four divisions (retail, industrial, office, and residential/development) understand their markets and are supported by a sophisticated computer database of available properties and potential tenants. Friedland is a member of NAI, the only managed network of commercial real estate firms in the world.