Wednesday, March 2, 2011

BoogieDowner Real Estate 101: 510 Hunts Point Avenue - 20,000 sq ft. available in busy banking district of Hunts Point

Some of you have heard of New Jersey’s weak and feeble attempt to woo the Hunts Point Food Distribution Center. Instead of nurturing their own businesses they probably thought it was easier to poach Bronx businesses after years of hard work by community leaders, business owners and elected officials; including U.S. Congressman Serrano who recently moved his offices to the area. What’s at stake is over 3,000 jobs within the market wall and an estimated 10,000 jobs in the industrial zone ,around the market, that I am sure will be affected if the market did leave. Not only will the Hunts Point market stay in the Bronx, the market will continue to strive as the world largest food distribution center in the world. The business and residential community as a whole will see exponential economic and cultural growth spear headed by the newly renovated Bank Note building and cultural institutions such as “The Point". In addition, if there is any possibility to introduce a big box store without damage to an existing retail community the light industrial southern portion of Hunts Point might be the answer.

Upon hearing about New Jersey’s futile attempt I though it was time to visit my friends who own property in Hunts Point to see what opportunities were brewing and start thinking about my outreach to New Jersey business that would be better off in our beloved Hunts Point? Why not do business in a Federal Empowerment Zone convenient to everywhere including Manhattan without the hassle of bridges and tunnels, especially when warehouse and industrial space in Hunts Point rents for between $15 and $20 a square foot.

(Street view of Banking District developing in Hunts Point. Citibank on right side of the street next to available space. Additional banks South of photo taken)

(510 Hunts Point Avenue - 20,000 sq. ft. Citibank adjacent to property on the left side photo)

510 Hunts Point Ave is approximately 20,000 sq. ft. in an area of Hunts Point quickly developing as the banking/business district for the community. Four banks within a two or three block radius presently handle the majority of the massive commercial banking needs in the community. (Please see the photos below) The property is presently a combination of a one story brick structure and one or two trailers. There are four month to month tenants the owner will relocate to near by locations if a bank, church or other suitable tenant wishes this location. The 20,000 sq. ft. is divisible with the owner building to specifications for a sq. ft. rental rate between $15 and $20 a sq. ft. Final rate dependant on the build-out requirements requested by the new tenant. Long term leases are no problem.

Additional information on the property is as follows;
Classification: G9 Miscellaneous
Zoning: M1-2: 06C
Annual Taxes: $25,894
Present Building Size: 56 x 120
Bldg Sq. Ft.: 6,720
Lot Size/Shape: 177.09 x 78.76 / Irregular
Lot Sq. Ft: 18,764
Lease Terms: Triple Net Lease

If interested here is my contact information;

Gregory Tsougranis
NYS Licensed Associate Broker
Century 21 Metro-Star
2017 Williamsbridge Road
Bronx, NY 10461

Cell: (845) 304-5745
E-fax: (646) 417-5593
Office: (718) 794-2327
Office fax: (718) 794-2323



Signiture Bank


Chase Bank

Ariel View of Hunts Point Industrial Market

For more relevant information about Hunts Point please log onto the NYC Department of City Planning web site listed below:

The Special Hunts Point District - Approved!
Existing Context and Zoning

1 comment:

Anonymous said...

I hope you mean land "owning," not land "owing." Makes a difference.