FreshDirect has quietly cashed out of a South Bronx warehouse for $27 million, a low-key sale on Tuesday that pumps fresh money into the Bronx-based online grocer as it wrestles with operational and financial strain. The deal touches the company’s Harlem River Yards campus and lands amid a busy stretch of financing maneuvers and labor tensions this spring.
As first reported by Crain’s New York, FreshDirect pulled in roughly $27 million from selling the Port Morris property, with the outlet tying that price to the rising value of industrial land in the South Bronx. Crain’s framed the sale as part of a broader push by the company to shore up liquidity in the wake of other recent financial moves.
Public property records and listings link the activity to FreshDirect’s campus at 2 St Anns Avenue, also listed as 1 Fresh Direct Dr, where title documents show multiple mortgages, assignments and other filings in late May and early June. Property data reviewed at PropertyShark includes recorded documents dated May 27 and June 2 that match the recent wave of transaction activity around the site.
Why the sale matters
The sale lands just after a $100 million commercial mortgage loan FreshDirect announced on June 8, a financing package the company said would “help us accelerate innovation and invest in the infrastructure supporting our next phase of growth.” Business Wire carried the lender announcement, underscoring that FreshDirect has been stacking up new capital this week, even as questions linger about how far that money will go.
Workers and the neighborhood
On the ground, unions and local advocates are watching the money moves with raised eyebrows. Drivers and warehouse employees represented by UFCW Local 2013 have pushed back against a plan to outsource more deliveries, staging practice pickets and floating strike threats, as reported by the Bronx Times…