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PDL Community Bancorp Completes Sale-Leaseback in Bronx
PDL Community Bancorp entered into a sale-leaseback for a property owned by subsidiary PFS Service Corp. and occupied by its Ponce Bank unit at 2244 Westchester Ave. in the Bronx. The property traded for $16.1 million to an undisclosed buyer.
Concurrent with the sale, PDL and the buyer entered into a 17-year lease agreement to lease back the property at an initial base annual rent of approximately $926,100, subject to annual rent increases of 1.75%.
Carlos P. Naudon, PDL’s president and CEO, noted “We are excited about the sale and leaseback of the Westchester Avenue real property and look forward to continuing to provide the excellent products and customer service that Ponce Bank has always been known for in the immediate neighborhood.”
- ◦Lease
- ◦Sale/Acquisition

