Big-box SoBro bonanza? Ryms eyes national tenants for retail properties

Vanbarton Group to sell three-building Westchester Avenue package for $39M

TRD New York /
Aug.August 19, 2015 03:10 PM

The Vanbarton Group is in contract to sell a three-building South Bronx retail portfolio to Moshe and Saul Piller’s Ryms Realty Group for $39 million, The Real Deal has learned. And it looks like local mom-and-pop shops could be getting the boot.

The properties are all located along Westchester Avenue – two of them adjacent and in Longwood, and the other in Parkchester.

Walgreens anchors the one-story building at 1031-1049 Westchester Avenue, while a Chase Bank branch is the flagship tenant at a three-story property at 1051 Westchester Avenue. Further east, an H&R Block branch occupies a one-story structure at 1945-1955 Westchester Avenue. The package totals nearly 84,000 buildable square feet.

Ryms Realty plans to bring in two to three national tenants and push out some of the mom-and-pop stores, sources said. Bigger tenants such as Walgreens, which has about 20 years left on its lease, would remain.

Vanbarton, a Midtown East-based investment firm formerly known as Emmes Asset Management, paid $21.2 million for the adjacent buildings and $5.9 million for the the third one in 2013, records show.

In the South Bronx, retail asking rents for stores under 4,000 square feet are in the high $30s per square foot, while larger stores pay $25 to $30 per square foot on average, according to CPEX Real Estate data.

The off-market deal is expected to close in October. The portfolio’s prospective price per buildable square foot comes out to $464.

The Moshe Group’s Moshe Majeski, who is representing both sides in the deal, declined to comment, as did the Pillers. Representatives for Vanbarton could not be reached.

Since Emmes changed its name to Vanbarton in June, the firm has been busy. For example, Vanbarton agreed to buy the ground lease at 31 Penn Plaza for $270 million, and signed WeWork to its first space in Queens.

The Pillers, who focus primarily on retail investment deals, picked up a six-story Midtown building at 1369 Broadway earlier this year.

Related Articles

1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

Renderings of Brookfield's Bankside in the South Bronx (Credit: ArX Solutions)

This is what Brookfield’s South Bronx megaproject will look like

305 East 46th Street (Credit: iStock)

Japanese firm lands $84M financing for Midtown East buy

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 950 and 957 Woodycrest Avenue in the Bronx and 47-50 30th Street in Queens (Credit: Google Maps)

Here’s what the $20M-$30M NYC investment sales market looked like last week