ARES Sells Three Bronx Properties

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BRONX, New York, Jan. 6 – Admiral Real Estate Services Corp. brokered the sale of three Bronx properties during the second half of 2004.

The first sale, a vacant lot at 3802-3804 White Plains Road at the intersection of 219th Street, was sold to a medical user who plans to develop its own building on the property.

The second transaction, at 359-363 East 204th Street, consisted of a one-story taxpayer, which sold during third quarter 2004. To facilitate the sale for both the seller and the buyer, Admiral was able to help clear up pre- and post-closing violation issues. The property sold at a 4% capitalization rate.

The final sale was of 3744 White Plains Road. The ground floor of this 6,600 square foot, three-story building was occupied by a problem tenant. After Admiral identified a group of potential buyers who specialize in this type of asset, the sale was completed with the non-performing tenant still in possession of the retail space. The property was sold at a 5% capitalization rate and was used by the purchaser as a 1031 tax-free property exchange.

Admiral Real Estate Services Corp. is a full-service leasing, property management and advisory firm. Based in Manhattan, Admiral currently manages and/or leases a portfolio of 44 retail, office, residential and development properties in the New York metropolitan area.