Buyer Jumps on Bronx Retail Opportunity
Winick Realty Group LLC has brokered the sale of the 11,500 s/f single-story building at 592 East 183rd Street in the Bronx.
Senior managing director Zach Mishaan represented both the anonymous buyer and the seller, Rudy Izzo, whose family owned the property for 40 years, running a supermarket in the space before Rite Aid moved in 17 years ago. Rite Aid remains the current tenant, with multiple years left on its lease.
“A large-box retail location of this type is rare for the Arthur Avenue business district,” said Mishaan. “This was a good opportunity to secure a piece of a densely-populated residential and retail area at below market rate.”
The building was purchased for $3.4 million, a 6.1 capitalization rate.
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