The Real Deal New York

Pinnacle, Plymouth to develop Bronx site offering 310K sf

Block-through Parkchester lot marketed as mixed-use development

May 06, 2015 12:00PM
By Mark Maurer

Bronx Block-front

From left: Proposed rendering of site in Parkchester, Bronx, and current aerial view (inset: Amit Doshi)

Joel Wiener’s the Pinnacle Group and the Plymouth Group have plans to develop a block-through Bronx site they bought last week with more than 310,000 buildable square feet, The Real Deal has learned.

The site, located in the North Bronx neighborhood of Parkchester, currently houses five one- and two-story commercial buildings and a gas station. Rosedale Management, led by Elizabeth Crane and Jonathan Poole, owned the buildings, which collectively span 70,500 square feet, for more than four decades.

There are 11 offices and 38 retail units. At the time of the sale, the buildings were 40 percent occupied, with many of the remaining tenants on a month-to-month lease. The gas station’s lease expires 2024.

Amit Doshi and Lynda Blumberg of Besen & Associates and Rosewood Realty Group’s Aaron Jungreis marketed the development site as a mixed-use complex that could potentially hold 190,000 square feet of market-rate rental units; 60,000 square feet of retail and office; and 50,000 square feet of community space.

The buyers are planning to demolish all structures and will likely construct one large building on the site, sources said. No plans have been filed.

The deal closed for $15 million, the brokers said. The addresses are 1609 and 1623 Unionport Road, 1897 Gerlain Street, 1578-1592 White Plains Road and 1880 East Tremont Avenue.

Representatives for Pinnacle Group declined to comment, while Rosedale Management could not be reached.

In January, Pinnacle — a firm known for its long-term investment in multifamily projects — picked up an eight-building Manhattan and Brooklyn rental portfolio, as TRD reported.

Elsewhere in the North Bronx, the Putter family sold a four-building portfolio last year for $53 million.

 

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