In a joint venture with long-time equity partner Angelo, Gordon & Co., LP, Joseph A. Farkas, president of Metropolitan Realty Associates, has paid $18.5 million for a five-acre site in Riverdale, in the northwest corner of Bronx, which will become a new multi-tenant retail center.
The joint venture plans to construct two retail buildings totaling 162,000 square feet. The development, which allows for rooftop parking, will be called Riverdale Crossing.
Wells Fargo provided acquisition and construction loan financing in the amount of $52 million. Keith Braddish, Marc Fischer and Jason Gaccione of CBRE represented Metropolitan Realty Associates as mortgage broker in this transaction.
Karl Brumback of Massey Knakal represented the seller, Brynwood Partners of Greenwich, CT, in the sale of the property to Metropolitan.
The property is located between the Major Deegan Expressway and Broadway adjacent to the New York City subway’s (1 Train) 238th Street stop. It is the former site of the Stella D’Oro Biscuit Company factory, which closed in late 2009 following the relocation of Stella D’Oro’s manufacturing operations to Ohio.
“We’re developing a destination location that’s going to employ a lot of people-perhaps more than were employed at the old factory,” said Farkas. “We hope to enhance the economic viability of Riverdale and anticipate that the development will draw visitors and shoppers from Westchester and upper Manhattan.”