Industrial & Logistics

825 East 141st Street

825 E 141st St, Bronx, NY, 10454-1917, US

825 East 141st Street_Property for Sale

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Asset description

Jones Lang LaSalle (“JLL”) has been exclusively retained to arrange the fee simple sale of 825 East 141st Street (the “Property”), a 7-story, 284,000 square foot, vacant office building situated in the burgeoning South Bronx submarket of New York City. The Property recently underwent a $35 million gut renovation and enables an investor to acquire a white-box condition building with no near-term capital work. Currently 100% vacant, the Property presents a unique opportunity to maintain the existing use or exercise various repositioning strategies including last-mile industrial, life science, community facility or selfstorage.

Attributes

Building area gross
275,000 sf
Year built
1916

Investment highlights

FLEXIBLE BLANK CANVAS REDEVELOPMENT POTENTIAL

» Flexible M3-1 Zoning allows for various repositioning strategies including last-mile industrial, life science, community facility or self-storage

» Proven Industrial node with nearby tenancy including Amazon, Coca Cola, Fedex and New York Post

» Large floorplans and ideal lighting for film studios

» Proven self storage economics next door

» Rapidly growing industrial submarket


EXISTING OFFICE LEASE-UP

» Fully renovated property within a supply constrained submarket

» High ceilings, 45,000 SF floorplates and 100% vacancy is ideal for tenants looking to occupy an entire building

» 423’ of street front retail space

» 7,500 SF of usable rooftop space for corporate events or amenity space


ROBUST MARKET FUNDAMENTALS

» Decreasing industrial supply due to re-zonings and historic conversions to alternative uses

» Increasing industrial demand due to rise of e-commerce and the need for last-mile delivery space

» 8.23% YoY rental increases for industrial space

» Robust multifamily development pipeline and low vacancy rates due to notable residential demand drivers

» South Bronx will transform as businesses and residents continue to relocate


UNMATCHED CONNECTIVITY

» 30-minute commute to midtown Manhattan

» South Bronx is home to 21 subway stations and 2 metro north stations

» Public infrastructure projects inked to add more transportation throughout the Bronx


BRONX RELOCATION & TAX INCENTIVES

» The Property benefits from a 25-year NYC ICAP, reducing property taxes

» The multiple additional Bronx relocation incentives have the ability to decrease occupancy costs by an average of 50% while maintaining revenues

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Last updated
Nov 30, 2022