Ariel Property Advisors (Ariel) announced the sale of 425 Devoe Avenue, a vacant, multi-story industrial property in the West Farms neighborhood of The Bronx, for $10.75 million. The property consists of 60,000 square feet above grade, which translates to $180 per square foot, with an additional 30,000 square feet below grade.
An Ariel investment sales team led by Jason M. Gold, senior director, along with Sean R. Kelly Esq., partner, and Daniel Mahfar, director, represented the seller, Abingdon Square Partners. The buyer was MADDD Equities LLC.
“The sale of 425 Devoe Avenue demonstrates the strong demand for large, commercial sites offering convenient regional access,” said Gold.
Situated on a 40,097-square-foot lot, the property features four levels of usable industrial and warehouse space and includes covered truck-level loading docks, four drive-in doors, multiple curb cuts, an 8,000-pound freight elevator and enhanced electrical service. Ceiling heights vary from approximately 10 to 20 feet throughout the building.
Located near the 2 and 5 subway lines, 425 Devoe Avenue also offers convenient access to the Cross Bronx Expressway, Sheridan Boulevard and the broader Tri-state region.
