Excellent future development opportunity
Jonathan Wiener’s Chestnut Holdings has acquired a 19-building retail portfolio from the Berkovits family for $55.2 million, according to TRD. The portfolio spans 106,700 square feet, and allows the development of over 600,000 square feet.
Development Play: The portfolio consists of 13 buildings in the Bronx, four in Brooklyn, and two in Yonkers. With many short-term retail leases, the portfolio presents an excellent development opportunity.
Worth Noting: Chestnut Holdings strayed from its usual focus on multi-family properties. However, this opportunistic development play is in a borough the Wiener family knows well.