Bronx Bank’s Flagship Branch Goes for $16M in 1031 Exchange

Marcus & Millichap finalized the sale of a net-leased bank property occupied by the headquarters and flagship branch of Ponce Bank, located at 2244 Westchester Ave. in the Bronx. The asset sold for $16,250,000. “This property drew tremendous interest as it was a true management-free NNN investment with annual increases,” said Steven Siegel of Marcus &...