Jonathan Wiener’s Chestnut Holdings picked up a 19-building Bronx-centric retail portfolio for $55.2 million, The Real Deal has learned.
The package consists of low-rise retail properties and one vacant lot, which are located throughout the Bronx, Brooklyn and Yonkers, according to Marcus & Millichap’s Mark Gjonbalaj, who brokered the deal.
The buildings collectively span 106,700 square feet but offer a whopping 600,000 buildable square feet. Most of the tenants are mom-and-pop grocery stores; one exception is the C-Town outpost at 1434 Jerome Avenue in the Bronx.
The leases are largely short-term, allowing for several of the sites to be developed in the near future. It’s unclear if Chestnut Holdings, a Bronx-based landlord, has any development plans.
The price per square foot was about $520.
There are 13 buildings in the Bronx, four in Brooklyn and two in Yonkers. The addresses include 191 York Street, 416 Crescent Street, 578-584 Rockaway Avenue and 104-15 Glenwood Road in Brooklyn and 300-312 East 194th Street, 2609 Marion Avenue and 1544 East 174th Street in the Bronx. The Yonkers buildings are located at 268-274 and 417-433 Riverdale Avenue.
The deal marked the end of real estate ownership for a longtime but little-known retail investor family in the city. The seller, the Berkovits family’s Scarsdale-based B&K Realty Management Corporation, opted to liquidate all of their assets, said Gjonbalaj.
The family owned the buildings for more than three decades, property records show.
Neither B&K Realty nor Chestnut could be immediately reached for comment.
“They weren’t my first choice for something like this,” said Gjonbalaj. “But they certainly know what they’re doing.”