JLL closes $65M sale of the Bruckner Building in the Bronx
ZG Capital Partners acquires the 188,000-square-foot building in Mott Haven neighborhood of the Bronx
NEW YORK, January 17, 2020 — JLL Capital Markets announced today that it has completed the $65 million sale of The Bruckner Building, an 188,000-square-foot office building at 2417 Third Avenue in the Mott Haven neighborhood of the Bronx, N.Y.
JLL represented the seller, a partnership between Savanna and Hornig Capital Partners. Bobby Zar and James Tamborlane with ZG Capital Partners acquired the commercial loft building on the Bronx waterfront. The eight-story Bruckner Building was constructed in 1928. Ownership completed a comprehensive renovation in 2016 that included a full lobby and entrance renovation, building-wide window replacement, and façade update along with new elevators, roof, electric infrastructure and common corridors and lounges. Renovated floor-to-ceiling loft windows with sweeping views of Manhattan and the Harlem River deliver outstanding light and air on all floors.
The property will benefit from a 25-year Industrial and Commercial Abatement Program that is set to begin in 2020 and will significantly reduce the taxes payable on the property through its expiration in 2045.
Two subway stations are located within easy walking distance of the building, including service at Third Avenue and 138th Street and Express Train service at 138th Street Grand Concourse. The property also provides immediate access to Major Deegan Expressway, Third Avenue Bridge, Willis Avenue Bridge, Bruckner Expressway and Harlem River Drive.
The JLL Capital Markets team overseeing the sale of The Bruckner Building include Chairman of NY Investment Sales Bob Knakal, Vice Chairman Stephen Palmese, Managing Director Jonathan Hageman, Vice President George D’Ambrosio and Associate Frank Dalicandro.
“The Bruckner Building’s Mott Haven waterfront location positions the asset for very strong appreciation,” Knakal said. “The Mott Haven district is the Bronx’s most active development zone, with major projects coming to the property’s doorstep. This robust activity will change the neighborhood dramatically.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Founded in 1992, Savanna is a vertically integrated real estate investment manager based in New York City and focused on strategic property investments throughout the city's five boroughs. Since inception, Savanna has pursued real estate equity and debt asset investments, including major repositioning and ground-up development projects.
About Hornig Capital Partners
Based in New York, Hornig Capital Partners LLC (HCP) is a privately held real estate development firm specializing in value-added investments in the New York metropolitan area and choice markets throughout the U.S. Led by Daren Hornig, a real estate industry veteran with more than 25 years of experience, HCP pursues purchases of fee simple interest assets, as well as select joint venture structures, with capital appreciation opportunities and risk-adjusted returns.