Lee & Associates NYC represented the fee owner and procured a leaseholder for three properties in the Bronx. Located at 629 Courtlandt Ave., 1680 Southern Blvd. and 4035 White Plains Rd., they were built in the early 1970s and total more than 66,000 square feet, with 74,000 square feet of combined air rights for community facility use. 

Ben Tapper, director of Lee NYC’s National Investment Services Group, was the sole broker. The new leaseholder is Scott Barone, founder of Barone Management. The Gargiulo family owns all three buildings. 

“These buildings have been owned by the same family since they were built in the 1970s, and by creating leaseholds the family has the ability to retain ownership for multiple future generations,” said Tapper.  “These are irreplaceable locations in the Bronx and a great outcome for all parties,”

Barone added, “All three of the assets will be renovated and put back into use for direct impact in the community. For example, 629 Courtlandt Ave. will be re-developed as a charter school.”

Bea Drechsler, co-founder of Drechsler & Drechsler LLP, represented the fee owner. Neil Miller, partner at Katsky Korins LLP, represented the leaseholder.

Check out the original article here.