Harlem River of the Bronx and Manhattan in New York City.
NEW YORK CITY – ZG Capital Partners has acquired the Bruckner Building in the Bronx submarket for $65 million. The eight-story office building at 2417 Third Ave. in Mott Haven sits along the waterfront and is slated to benefit from strong appreciation in the burgeoning market for years to come, according to Bob Knakal, chairman of New York Investment Sales at Jones Lang LaSalle, who oversaw the sale.
"The Mott Haven district is the Bronx's most active development zone, with major projects coming to the property's doorstep. This robust activity will change the neighborhood dramatically," Knakal said in a prepared statement.
Savanna and Hornig Capital Partners decided to sell the 1928-built commercial loft building to ZG Capital Partners after completing a comprehensive renovation in 2016 that included a full lobby and entrance renovation, building-wide window replacement, and façade update along with new elevators, roof, electric infrastructure and common corridors and lounges.
Renovated floor-to-ceiling loft windows feature views of Manhattan and the Harlem River, providing natural light and air on each floor. The property benefits from a 25-year industrial and commercial abatement program that is set to begin this year, which will significantly reduce the taxes payable on the property through its expiration in 2045.
Two subway stations are located within walking distance of the building, including service at Third Avenue and 138th Street and Express Train service at 138th Street Grand Concourse. The Major Deegan Expressway, Third Avenue Bridge, Willis Avenue Bridge, Bruckner Expressway and Harlem River Drive are nearby.
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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.
