(Mark Your Calendars: RealShare Distressed Assets takes place Oct. 4-5 in Grapevine, TX. RealShare New York takes place Oct. 12 at the Marriott Marquis.)
NEW YORK CITY-The factory once known for its sweet Italian cookies, breakfast treats and breadsticks will soon be redeveloped into a mixed-use retail center. Massey Knakal Realty Services sold the Stella D’Oro bakery site at 184-190 West 237th St. in the Riverdale section of the Bronx to Jericho, NY-based Metropolitan Realty Associates and its long-time equity partner Angelo, Gordon & Co. LP for $18,750,000 in an all-cash transaction. The joint venture plans to redevelop the facility into Riverdale Crossing, a new shopping destination for residents of the North Bronx and Upper Manhattan.
The transaction comes after Stella D’Oro closed its doors in 2009 and the company relocated its manufacturing operations to Ohio, resulting in a loss of 150 local union jobs. “We are keenly aware of the history of the Stella D’Oro factory, and that it’s been a part of the fabric and heritage of New York City for a very long time,” says Joseph A. Farkas, president of Metropolitan Realty Associates, in a statement following the deal. A two-story commercial bakery building and a one-story garage complex currently occupy the property, bound by Broadway to the west and the Major Deegan Expressway to the east. “Although we cannot save the former building, we are doing the next best thing.”
The JV has proposed to construct two retail buildings on the 5.2-acre site totaling 162,000 square feet, which will be anchored by a national wholesale club, though tenants have not been disclosed yet. “We’re developing a destination location that’s going to employ a lot of people, perhaps more than were employed at the old factory,” Farkas says. “The community has been very receptive.”
Massey Knakal’s director of sales for the Northern Manhattan/Bronx division Karl Brumback exclusively represented the seller Brynwood Partners of Greenwich, CT, in the sale of the property. “We had tons of interest in the site, for almost every conceivable end use,” Brumback says upon completing the transaction, in a statement.
Others on the deal were Keith Braddish, Marc Fischer and Jason Gaccione of CB Richard Ellis, who represented Metropolitan Realty Associates as mortgage broker in the transaction. Wells Fargo provided $52 million in acquisition and construction loan financing.
In recent weeks, GlobeSt.com previously reported that Metropolitan Realty Associates also sold 1000 Stewart Ave. in Garden City, NY for $39.25 million.
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