Fordham University Buys Development Site
Real Estate In-Depth | December 17, 2019
NEW YORK—Cushman & Wakefield recently announced that the commercial brokerage firm had arranged the sale of 619 East Fordham Road, a 5,000-square-foot garage leased to Enterprise Rent A Car in the Bronx.
Cushman & Wakefield’s Jonathan Squires, Addison Berniker, Michael Fioravanti, Josh Neustadter, and Shayne Soltan represented the seller, Six 19 Custom, LLC, in this transaction. The property was purchased by Fordham University.
“The location of our client’s property is perfectly located on the corner of Fordham Road in front of the University, which would have been a draw for any buyer,” said C&W’s Berniker.
“Given the fact that it’s just steps away from Fordham, this site gives the university many development options practically on campus,” added Jonathan Squires.
619 East Fordham Road is a single-story commercial building in the Fordham Neighborhood of the Bronx. The building is approximately 5,000 square feet and includes a parking lot with an additional 231 feet of wraparound frontage along East Fordham Road and Hughes Avenue. The current tenant of the property is Enterprise Rent-a-Car, but future ownership has the opportunity to maximize the use of the facility by either converting the space for retail use or utilizing the 31,786-buildable-square-feet.
The property is situated one block from Fordham University and just east of Fordham Plaza, a major transportation hub in the neighborhood. Fordham Plaza accommodates nearly 80,000 pedestrians daily and offers a future retail tenant valuable pedestrian visibility. Additionally, the neighborhood is canvassed by 12 different bus lines, a Metro-North Station and the Kingsbridge Road Subway Station, which is serviced by the D train.