Berko & Associates announced the sale of Jerome Avenue retail strip in the Bronx for $4,735,000.
Emily Lau of Berko & Associates negotiated the all cash sale of the multi-tenant strip anchored by Chase Bank, on Jerome Avenue in the Bronx.
The buyer is a retail property owner who owns similar properties in the area.
“The transaction drew plenty of attention from property owners with similar assets in the vicinity, and received multiple bids,” said Angel Ramos, an associate broker with Berko & Associates.
“My clients were seeking taxpayer properties and Jerome fit the description.”
“We were able to achieve full asking price and go in to contract within five business days. We knew it was a strong asset but we never expected to go into a bidding war in the middle of a financial crisis,” said Emily Lau, investment sales associate with the firm.
“We feel that regardless of the harsh market conditions, our clients recognize a good deal when they see one and can pursue it aggressively.”
Jerome Ave was built in 1928 and is situated on a corner lot possessing 100ft frontage on Jerome Avenue & 100ft frontage on East 200th St in Bedford Park area in the Bronx.
It is a one story 9,280 s/f retail strip with 9 retail stores in a high traffic commercial corridor.