NEW YORK CITY—A two-story, 3,500-square foot retail property in the Bronx has traded hands for $1.3 million, or $361 per square foot.
Cushman & Wakefield's Jonathan Squires and Michael Fioravanti represented the seller, which was not identified. Also unknown was the buyer.
The C&W team noted that the buyer recognized the value of the property even though it was vacant.
"This sale demonstrates that a retail building with strong foot traffic is still very attractive to the investment community in this market," Squires says in prepared remarks.
72 Westchester Square is located in the heart of the Westchester Square neighborhood and has 23 feet of frontage. C&W says it is one of the highest foot trafficked streets of the borough.
The property is steps from the Westchester Square/East Tremont Subway Station.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
