The latest warehouse property to trade for a previously unheard of sum in the South Bronx is an 85k SF property at 780 East 135th St in Mott Haven.
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]
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