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Chestnut Holdings Plunks Down $55M for Retail Portfolio

Family Owned Investment Firm Picks Up 19 Properties in Brooklyn, the Bronx
June 29, 2018
Chestnut Holdings’ Jonathan Weiner is the new owner of a 19-property retail portfolio that spans Brooklyn and the Bronx, acquiring the assets from Larry Berkowitz’s LLB Properties.

The portfolio totals 18 retail properties and a vacant lot in the outer boroughs of Brooklyn and the Bronx, encompassing 106,708 rentable square feet of retail space. The portfolio sold for $55.2 million, according to CoStar data.

"This was a great value-add opportunity for an experienced operator in the Bronx," explained Mark Gjonbalaj, a broker with Marcus & Millichap who negotiated the deal. "Despite the uncertainty floating around the future of retail these days, we quickly generated multiple strong offers and closed at 98 percent of the asking price."

Taken together, the properties carry development potential of 493,679 buildable square feet.

Chestnut Holdings is a family-held real estate investment and property management firm specializing in Bronx multifamily properties. It first began investing in the Bronx in 1974. On its website, Chestnut Holdings describes itself as a long-term owner that purchases distressed or neglected properties and turns them around.

According to CoStar research, the majority of properties are considered 1- and 2-Star retail buildings, each standing one to two stories and generally built before 1960.

The portfolio comprises the following Bronx and Yonkers properties:
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2609 Marion Ave., a vacant piece of land sized at 8,215 square feet (0.2 acres);

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2172 Crotona Ave., a fully-leased retail building measuring 1,960 square feet;

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1671-1687 Macombs Rd., a 7,315-square-foot retail building that has 1,300 square feet available;

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239-245 E. Tremont Ave.;

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408-414 E. Tremont Ave., a 10,727-square-foot retail storefront that is 61 percent leased;

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132-140 Featherbed Ln., a 4,416-square-foot corner building that is just 32.1 percent leased;

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12-28 E. 167th St., an 8,712-square-foot, fully-leased retail building;

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1001-1005 Ogden Ave., a single-story, 3,600-square-foot retail building that is fully leased;

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1401-1413 Bronx River Ave., a 5,790-square-foot, single-story masonry building that is fully leased;

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1544 E. 174th St., a 6,592-square-foot, fully-leased retail building that sits upon 32,706 square feet (0.8 acres) of land;

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268-274 Riverdale Ave., a 5,338-square-foot retail building that has 1,100 square feet available for lease;

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417-433 Riverdale Ave., a 1,972-square-foot standalone retail building that is fully leased;

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7 E. 172nd St.; and

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1434 Jerome Ave.


Included in the purchase were the following Brooklyn properties:
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191 York St., a 17,400-square-foot, standalone retail building in Downtown Brooklyn that is fully leased;

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416 Crescent St., a 9,000-square-foot supermarket that is fully leased;

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578-584 Rockaway Ave.; and

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104-14 Glenwood Rd.


Please see CoStar COMPS #4267175 for additional information on this transaction.



Diana Bell, New York City Market Reporter  CoStar Group   
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