A net-leased bank property serving as both the headquarters and flagship branch of Ponce Bank in the Bronx has changed hands for $16,250,000. The asset is located at 2244 Westchester Avenue and is fully occupied by Ponce Bank, which has been in place at the site for 25 years.
Marcus & Millichap arranged the sale of the property, describing it as a management-free triple-net (NNN) investment with scheduled annual rent increases. The long-term single-tenant structure, together with the tenant’s headquarter and flagship status, positioned the asset as a stabilized income-producing property for the buyer.
According to Steven Siegel of Marcus & Millichap’s New York office, the opportunity generated significant investor attention. He noted that the parcel is larger than many comparable single-tenant offerings and carries substantial future development potential. The property is also described as being located directly adjacent to a subway stop, which added to its appeal for investors focused on transit-accessible assets.
Siegel reported that marketing efforts created a competitive bidding environment. In the final bidding rounds, three prospective buyers drove pricing higher and compressed the capitalization rate to approximately 6.1%. The winning bidder ultimately secured the asset on an all-cash basis as part of a 1031 exchange, using the transaction to complete a tax-deferred reinvestment.
The seller, Arc Trust, exclusively engaged Siegel and Marcus & Millichap to bring the property to market. On the buy side, the 1031 purchaser was procured by Judson Kauffman of Surmont. The parties involved did not disclose additional terms beyond the purchase price and cap rate, and no changes to Ponce Bank’s long-standing occupancy were indicated in connection with the sale.
The transaction underscores sustained investor focus on net-leased retail bank assets in established urban neighborhoods, particularly those combining stable tenancy, long operating histories, and adjacency to public transit. With a fully occupied building, a single credit tenant, and no active management requirements, the property aligns with the profile sought by many 1031 and income-focused buyers.
The deal also highlights how competitive marketing processes can influence pricing outcomes in the current environment. Despite being a single-tenant asset, the property’s larger parcel size and potential for future development helped differentiate it from more typical net-lease offerings and contributed to strong buyer engagement. The resulting sale provides a benchmark for similar bank-occupied, NNN retail assets in dense, transit-served urban locations.
