Brookfield Properties pays $48.2M to Cayre Equities for industrial building in Eastchester

Brookfield Properties through the entity Oe 2325 Hollers Avenue LLC paid $48.2 million to Cayre Equities through the entity CS Hollers LLC for the industrial building at 2325 Hollers Avenue in Eastchester, the Bronx.
The deal closed on January 27, 2022 and was recorded on February 14, 2022.
The property has 100,279 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $480 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The signatory for Cayre Equities was Jack Cayre. The signatory for Brookfield Properties was David Cohen.
Prior to this transaction, the buyer Brookfield Properties purchased 17 properties in 12 transactions for a total of $870.1 million and sold three properties in two transactions for a total of $249 million over the past 24 months.
The seller Cayre Equities had not purchased any other properties and had not sold any properties over the same time period.
The 100,279-square-foot property generated revenue of $1.8 million or $18 per square foot, according to the most recent income and expense figures.

(220492857)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on June 18, 2020. (220492857) Plans for a 100,279 square-foot storage (S-1) building were filed on December 15, 2015 and were permitted on December 28, 2016.
In Eastchester, the bulk, or 33 percent of the 5.7 million square feet of built space are industrial buildings, with 1-4 family buildings next occupying 25 percent of the space. In sales, Eastchester has the 33rd highest sale turnover among other neighborhoods in Bronx with $19.3 million in sales volume in the last two years. For development, Eastchester has had very little major development activity relative to other neighborhoods. It had 121,846 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, all properties are industrial.
Within a 400-foot radius of 2325 Hollers Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on February 23, 2021 for the $900,000 renovation of 26,344-square-foot B building with N/A residential units at 3505 Connor St.
One of those two items was a sale which Criterion Group bought the 0-square-foot development site (V1) on 3536 Peartree Avenue for $5.8 million from Asset Realty & Construction Group on December 17, 2021.

Direct link to Acris document. link