South Bronx Warehouse Building Sells For Over 20x 1997 Purchase Price
A JV of Bluestone Group, Altmark Capital and Princeton Holdings picked up the six-story building for $14.1M from 780 East LLC, an ownership group that includes the ownership of Padded Wagon Moving & Storage, the building’s primary tenant.
The entity now selling the property picked it up for $700,000 in 1997, according to the Commercial Observer. Industrial real estate in the area is seeing strong demand, but the buyers are considering a conversion for either live/work artists’ lofts or creative office space. [CO]