Marcus & Millichap has completed the sale of 935 Garrison Ave., an industrial asset in the Bronx that drew interest from a broad mix of investors. The property changed hands for $10,275,000, underscoring current pricing for well-located land that can support industrial outdoor storage and logistics uses in New York City.
Jakub Nowak of Marcus & Millichap’s New York City office said the sale highlights both the depth of demand for industrial outdoor storage in the city and the benefits of running a disciplined, competitive marketing process. He noted that by engaging local investors, owner-users and institutional capital throughout the campaign, the team was able to secure strong pricing for the submarket.
According to Nowak, investors are paying a premium for open land that can accommodate truck parking, fleet operations and last-mile logistics. Those uses are becoming harder to realize as vacant industrial land in New York City grows scarcer, a dynamic that is helping to support valuations for sites with outdoor storage and logistics potential such as 935 Garrison Ave.
The Marcus & Millichap team of Nowak, Steven Siegel and Michael Maldonado marketed the property on behalf of the seller and also sourced the buyer. Their mandate covered both seller representation and buyer procurement, with interest coming from a diverse capital base seeking exposure to New York City’s industrial and logistics ecosystem.
The property consists of a 9,200-square-foot warehouse situated on a 40,078-square-foot lot. Its large site area relative to the building footprint positions the asset for outdoor storage and operational uses, in addition to traditional warehouse functions. The industrial facility was delivered vacant at closing, giving the buyer flexibility to pursue new occupancy or a future repositioning strategy.
The site is located within the Special Hunts Point District, a designated industrial district in the Bronx, and lies within a Qualified Opportunity Zone. Those designations add a layer of potential benefits for long-term investment and redevelopment planning, alongside the intrinsic value of the property’s scale and location.
Connect CRE previously reported that the buyer was Realterm. With the combination of a sizable lot, existing warehouse improvements, Opportunity Zone status and a supply-constrained industrial land backdrop, the transaction illustrates how investors are approaching infill industrial sites in the Bronx and across New York City.
