One of the most active investors nationwide in the development of retail real estate property, and a presence in the Bronx and outer boroughs for three generations, Crown Acquisitions has purchased more retail space along Westchester Avenue.
The company’s newest property, located at 1553 Westchester Avenue, was purchased for $6 million dollars in September at a time when banks were pulling back funding and deals in the marketplace were falling through.
Tenant AT&T will anchor the Ward Avenue corner of the property with a 2,500 square-foot store. Crown Acquisitions will direct the leasing of the remaining 7,500 square-feet of space that will become available over the next year.
“We have confidence in the Westchester Avenue market, and the experience in maximizing value of the well-located retail properties that are rich with transportation and population,” said Issac Chera, principal of Crown Acquisitions. “We will continue to scout for properties in markets like these, as we have for over 50 years.”
Chera said that while the real estate market in the Bronx costs less than in Manhattan, it doesn’t have the wild swings in prices seen downtown and is more steady and stable. He noted that the property is a nice, well-kept building bordeirng a street that has a lot of commercial traffic.
The purchase represents the second retail property space Crown Acquisitions has acquired on Westchester Avenue, the other being 1593 Westchester Avenue. That building is fully leased to tenants including Duane Reade and Dunkin Donuts, and was purchased by Crown Acquisitions about five years ago. Chera feels that the lease to AT&T validates the market’s obvious growth in Soundview.
“This is a family business for three generations and we got our start in the boroughs,” Chera said. “Business up and down the street is really good; we also have a number of mom and pop businesses.”