Marcus & Millichap finalized the sale of a net-leased bank property occupied by the headquarters and flagship branch of Ponce Bank, located at 2244 Westchester Ave. in the Bronx. The asset sold for $16,250,000.
“This property drew tremendous interest as it was a true management-free NNN investment with annual increases,” said Steven Siegel of Marcus & Millichap’s New York office. “Unlike most other single-tenant properties, this was a large parcel with significant future development potential, in addition to being right by the subway. We created a competitive bidding environment, and in the final stage, three buyers aggressively pushed the price up and the cap down to 6.1%. Ultimately, we selected an all-cash 1031 buyer.”
Siegel exclusively marketed the property on behalf of the seller, Arc Trust. The buyer, completing a 1031 exchange, was procured by Judson Kauffman of Surmont. Ponce Bank has occupied the property for 25 years.
