Stassa of NAI Friedland Realty brokers $4.5 million sale of 34,500 s/f Bronx building

Rick Stassa, executive VP at NAI Friedland Realty, closed on the $4.5 million sale of former office/warehouse space of Our Lady of Mercy Medical Center at 4217 Vireo Ave. to Christ Alive Christian Center. The 34,500 s/f building is a two-story office and single-story complex on 50,000 s/f of land. Stassa represented both the buyer and seller. This is Stassa's second transaction for Our Lady of Mercy Medical Center. He previously sold a 40,000 s/f Our Lady of Mercy property at 4401 Bronx Blvd. to the Montefiore Medical Center in 2009. While Our Lady of Mercy was the seller of the property, Stassa represented secured creditor Glastonbury Capital Partners LLC, an investment vehicle of Blue Diamond Capital, as part of the deal. Christ Alive Christian Center plans to occupy 20,000 s/f of the building in the future. The church is willing to entertain a five-year lease for 7,000 s/f of office space and a two-year lease for the 7,500 s/f warehouse. They are presently on 233rd St. and occupy 7,500 s/f. "What compounded the discussions," Stassa said, "Was that the seller was in bankruptcy. There were times when we needed bankruptcy court approval to allow us to move to the next step in the negotiation. Financing was also a challenge for the buyer which has become typical in this tough credit market. Furthermore, there was an environmental issue that caught all of us by surprise and delayed the closing." "Rick brings a unique perspective to urban sales and leasing," said Tony Lembeck, COO of NAI Friedland Realty. "He has the ability to match buyers to specific locations that will support and enhance their organizations. This transaction, in particular, required an enormous amount of patience and perseverance on Rick's part." 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 Realty Inc. is located at 656 Central Park Avenue in Yonkers, NY. The firm can be reached at 914-968-8500 or by visiting www.friedlandrealty.com.