Real estate investor Jack Terzi just added a big Bronx retail bet to his shopping cart, with an affiliate of his JTRE firm closing last Friday on two buildings in Fordham Manor for $13.5 million. The deal brings roughly 30,000 square feet of ground-floor storefronts and upper-floor space along a busy stretch that feeds into the packed Fordham Road retail corridor.
As reported by PincusCo, the buyer, an entity called Fordham Prop Co. LLC tied to Terzi, purchased 320 East Kingsbridge Road and 305 East Fordham Road. The deal closed on May 29 and was recorded June 3. Together, the two tax lots total about 30,231 built square feet and carry roughly 23,699 square feet of air rights, for approximately 53,932 buildable square feet.
A steep markdown from 2014
The trade comes at a sharp discount to the last headline sale. Harbor Group paid roughly $34.6 million for the pair back in 2014, a figure that now looks downright lofty next to Terzi’s $13.5 million. As reported by Crain’s New York Business, the price gap underscores how the market is recalibrating what neighborhood retail is worth compared with a decade ago.
Deal math and brokers
As calculated by PincusCo, the numbers work out to about $446 per built square foot and roughly $250 per buildable square foot. Those metrics line up with buyers who are looking less for a quick flip and more for steady income with optionality on future redevelopment. A JLL team of Ethan Stanton, Michael Mazzara, Brendan Maddigan and Hall Oster represented the seller.
Terzi’s playbook
Per JTRE’s press page, Terzi has built his reputation on targeting, buying and repositioning street-front retail across New York City. Industry coverage, from neighborhood retail condos to a Yonkers big-box acquisition, has tracked the firm’s opportunistic streak, as reported by The Real Deal…