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Marcal Group buys out partner on large Pelham Bay site for $57M
Firms bought property for $33M in 2016 and once planned offices, then apartments there
If developer Mark Caller ever decides to pursue a new project on his triangular assemblage next to Pelham Bay Park in the Bronx, it appears he’ll be doing so alone.
An entity tied to Caller’s Marcal Group bought out partner Rester USA’s stake in the full-block site between Westchester and Wilkinson avenues in a deal that values the three properties at $57 million, city records filed Monday show. Marcal and Rester bought the land for $33 million in 2016.
It’s not clear what, if any, plans Marcal has for the assemblage at 3250 Westchester Avenue and 3651-3681 Bruckner Boulevard, steps from the 6 train’s Pelham Bay Park station.
The site is home to the 76,500-square-foot Pelham Bay Professional Center, which was recently renovated and includes retail and medical tenants. But Marcal and Rester filed plans in 2017 to replace it with a 10-story, 110,000-square-foot office building, then pivoted in 2021 to a much larger 17-story, 187-unit multifamily project, Yimby reported.
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Marcal did not immediately respond to a request for comment, but its website notes “an opportunity for future development options” on the site. Rester, the U.S. affiliate of Montreal-based Rester Management, declined to comment.
Elsewhere in the city, Marcal recently sold the nine-story, 140,000-square-foot Calko Medical Center at 6010 Bay Parkway in Bensonhurst for $81.5 million to Dallas-based private equity firm MedProperties Realty Advisors and Wisconsin-based Physicians Realty Trust.