NEW YORK—Winick Realty Group L.L.C. has brokered the $3.4 million sale of 592 East 183rd Street, an 11,500-sq.-ft., single-story building in the Bronx. Senior Managing Director Zach Mishaan represented both the anonymous buyer and seller, Rudy Izzo.
Izzo’s family owned the property for 40 years, running a supermarket in the space before Rite Aid moved in nearly two decades ago. The pharmacy remains the current tenant at the property and has several years remaining on its lease.
“A large-box retail location of this type is rare for the Arthur Avenue business district,” said Mishaan. “This was a good opportunity to secure a piece of a densely-populated residential and retail area at below market rate.”
The $3.4 million sale equated to a 6.1 capitalization rate. The retail space currently rents for below $20 per sq. ft.