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B6 Markets Ground Lease on South Bronx Site
B6 Real Estate Advisors is marketing 350 Grand Concourse, an approximately 240,000-buildable-square-foot site in the South Bronx. The firm’s Christoffer Brodhead, Mitchel Flaherty and Nikola Cosic intend to negotiate a 99-year ground lease on behalf of the seller, GS Humane Corp.
The site is currently a gas station owned by GS Humane, a private foundation based in New York primarily focused on animal welfare, education, combatting hate and anti-Semitism, and Jewish education. Founder Gene Shapiro, who passed away in 2015, was a gas and oil broker who owned multiple gas station properties throughout New York City.
B6 says the seller is aiming for a ground lease rather than an outright sale because the foundation was “built” through triple net leases and the 99-year ground lease allows the site to stay within the foundation. The site represents an opportunity for an affordable housing developer, according to B6.
For comments, questions or concerns, please contact Paul Bubny
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