619 East Fordham Road.
NEW YORK CITY – Fordham University has acquired a 5,000-square-foot development site at 619 East Fordham Road from Six 19 Custom, LLC. The institution scooped the property, which sits facing the University on the corner of East Fordham Road and Hughes Avenue, in a fierce bidding process.
Cushman & Wakefield brokered the transaction, which saw an incredible amount of interest, more so than almost any property the Bronx team has listed this year.
In the Fordham submarket of the Bronx, the asset is steps away from Fordham University, giving the institution many development options for an asset that would practically qualify as part of the campus itself, Jonathan Squires, executive managing director at Cushman tells GlobeSt.com.
Currently, occupying the space with 31,786-buildable-square-feet is an Enterprise Rent A Car garage, considered a national tenant. Both the property's buildable square feet that offer the potential for retail conversion and tenancy made it an undeniable buy for individual investors, developers and institutions who were in the bidding pool.
"A sale of a property on East Fordham Road is rare, especially one so close to the university. It was unique also because it was a cash flowing garage with a strong national tenant, and it had the potential for either commercial or residential development," Squires and Addison Berniker of Cushman told GlobeSt.com.
Situated one block away from Fordham University and east of the transportation hub Fordham Plaza, the property includes a parking lot with an additional 231 feet of wraparound frontage along East Fordham Road and Hughes Avenue.
Canvasing the neighborhood are 12 different bus lines and trains including, the Metro-North Station and the Kingsbridge Road Subway Station with access to the D train.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
