Abingdon Square Partners Transforming Vacant Bronx Warehouse into Modern Office Building
NEW YORK, NY – February 27, 2018 – Abingdon Square Partners LLC is transforming a vacant, six-story, 50,000-square-foot warehouse at 521 Bergen Avenue in the bustling Hub section of the Bronx into five floors of modern office space with ground floor retail.
Eastern Consolidated has been retained to lease the building, which is a block from the Third Avenue and 149th Street station for the 2 and 5 trains. The space will be available in mid-2018.
Exclusive brokers Brad Cohen, Senior Director, Jacob Tzfanya, Director, Ben Biberaj, Associate Director, and Jon Kamali, Associate Director, are marketing all six floors of office and retail space.
Abingdon founder Benjamin Atkins said his firm is drawn to both the Bronx and the Hub neighborhood in particular due to the borough’s growing population density, affordability, and excellent transportation access.
“Our company is always seeking opportunities in what we view as emerging markets,” Atkins said. “We love the density and vibrancy of the Bronx and believe there is a growing need for quality commercial product to serve the rapidly increasing residential population. The Bronx also offers a strong value proposition for commercial users increasingly priced out of not just Manhattan, but Brooklyn and Queens as well.”
Atkins says he is excited to participate in the Bronx’s resurgence. “I’m seeing a cross-section of different types of developments in the Bronx such as office, retail, and large, market-rate and affordable residential projects, which speaks to the growing desirability of the borough,” he said.
Cohen continued, “The newly renovated offices at 521 Bergen Avenue would be perfect for medical, educational, or government users looking for upgraded office space in the South Bronx. The property is just blocks from Lincoln Medical Center and educational facilities such as Hostos Community College and Metropolitan College of New York.”
Tzfanya added, “This office building is ideally located in the heart of the Hub, the main shopping corridor in the South Bronx where four major roads converge—East 149th Street and Willis, Melrose, and Third Avenues. The area boasts excellent public transportation, allowing for a 30-minute commute to Grand Central and Penn Station, and a substantial amount of foot traffic, attracting more than 200,000 pedestrians each day.”
The property at 521 Bergen Avenue was built in the early 1900s as the Northside Storage Warehouse. It was vacant at the time of Abingdon’s purchase.
More information about the building is available at 521BergenAve.com.
The Hub has seen substantial new development in recent years with the transformation of the Bronx Opera House into a hotel; opening of Via Verde, a green, affordable housing complex consisting of 151 rental apartments and 71 co-ops; and an influx of national retailers.
Overall the South Bronx is experiencing a renaissance as developers build new residential towers, hotels, and retail sites. Chetrit and Somerset Partners are developing a 1,300-unit rental complex on Third Avenue and the waterfront, and most recently L + M Development Partners announced plans for Bronx Point, a massive mixed-use development at the 145th Street Bridge and Mill Pond Park featuring 1,045 units of housing, a multiplex theater, education space, food and beverage hall, and Universal Hip-Hop Museum.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter@EasternConsol.
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