News
FORDHAM PLACE DELIVERS
February 20, 2009
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| We headed to the Bronx (yes, there's more to the borough than Yankee Stadium) for a tour of Acadia Realty Trust and PA Associates' newest development, the 160k-SF Fordham Place tower at EastFordham Rd. and Webster Ave. FirstService Williams leasing brokers Alex Jinishian and Greg Wang led the way, noting that the to-be-LEED tower is the first new Bronx mixed-use development in over 15 years. (Looks like we caught them at the right time: Alex is headed off for some fishing in Mexico this week, while Greg is immersed in wedding plans). |
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| The GreenbergFarrow-designed building was converted from single-tenant use to retail and office space, maintaining and reusing as much of the existing structure as possible. They tell us that the Census Bureau took 8,250 SF on the eighth floor, while the fourth and fifth are being built out for intermediate school Jonas Bronck Academy. Over 104k SF is available on Floors 6-14, and prospective tenants include healthcare, government, accountants, non-profits, and other Bronx-focused service providers. The asking rent is $39.50 PSF. (Bonuses: REAP incentives and marvelous Manhattan views.) |
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| PA Associates principal Aaron Malinsky told us that the 110k-SF retail portion of the project, which opened in late ’08, is fully occupied and anchored by Walgreens, Sears, 24-Hour Fitness, and Healthfirst. He says that such product had not existed in the area before, one of the reasons for its enormous success. The transit-friendly building is close to various subway and bus lines, and is across from Metro-North and Fordham University. |
