Maddd Equities paid $42M to Gerard Avenue LLC

Maddd Equities’ 580 Gerard LLC paid Gerard Avenue LLC $42.0 million for 1 parcel, including the tax class warehouse or self storage (E7) at 580 River Avenue in Bronx. The deal closed on July 26, 2019 and was recorded on August 14, 2019. The parcel(s) have total development potential of 278,336 square feet.
The average sale price per square foot is $212.
The estimated cap rate is 2.6%

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 31, 2012.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $120,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link