Business

Retail building in “The Hub” sells for $17.5 million

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A 50,000-sq.-ft. former Rite Aid store in what was not long ago a rough-and-tumble area of the South Bronx has sold for $17.5 million.
The buyer, an affiliate of ABCAPSTONE plans to redevelop the building — now occupied by a Salvation Army Family Store — into as much as 100,000 sq. ft. of retail space.
The location between the Mott Haven and Melrose neighborhoods of the Bronx is known as “The Hub,” and hosts a melange of retail options including Aldi, Boston Market, Blink Fitness, CVS, Forman Mills, Marshalls, Modell’s, and Nine West.
RKF, which brokered the deal, estimates the daytime population of the area to exceed 570,000.
“The city of New York has worked relentlessly to make The Hub more pedestrian and bike-friendly. As a result, this retail corridor is particularly compelling for retailers wanting to serve the neighborhood’s growing population,” said RKF’s Zach Mishaan.

Retail building in South Bronx sells for $17.5 million

thumbnail courtesy of chainstoreage.com

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