Bridgerock Capital buys warehouse for $12M from Abingdon Square Partners

Bridgerock Capital through the entity 521 Bergen Properties LLC paid Abingdon Square Partners’s 521 Bergen LLC $11.8 million for 1 parcel, including the tax class miscellaneous warehouse (E9) at 521 Bergen Avenue in Mott Haven. The deal closed on August 14, 2019 and was recorded on August 23, 2019. The parcel(s) have total development potential of 44,070 square feet.
The average sale price per square foot is $267.
The estimated cap rate is 1.7%
The last time the property sold was October 11, 2017, for $7,100,000.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $5,000,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $617,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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