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Cushman & Wakefield Arranges $44.8 Million Acquisition Financing for the Bruckner Building in the Bronx

12/20/2019
Cushman & Wakefield announced today that the firm served as the exclusive adviser to ZG Capital Partners in the procurement of $44.8 million in acquisition financing for the Bruckner Building, a loft-style office building in the transformative Mott Haven neighborhood of the South Bronx.
Bronx, NY – Cushman & Wakefield announced today that the firm served as the exclusive adviser to ZG Capital Partners in the procurement of $44.8 million in acquisition financing for the Bruckner Building, a loft-style office building in the transformative Mott Haven neighborhood of the South Bronx. The financing was provided by Ladder Capital.

ZG Capital, a partnership between Bobby Zar and James Tamborlane, officially purchased the Bruckner Building for $65M, the first purchase of their new venture. Together, the two plan to buy and reposition office, industrial and mixed-use buildings throughout Manhattan and the outer-boroughs.

“Bobby and I are thrilled to have created this company,” said James Tamborlane. “I am extremely confident that my fifteen-year tenure at MHP and Bobby’s expertise in creatively repositioning properties into acclaimed assets such as 1450 Broadway, a Times Square office tower, will help us as we begin in our new venture. We think the Bruckner Building perfectly showcases our strategy and the type of assets we are looking to acquire”

A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Alex Lapidus, Maya Steinberger and Adam Doneger represented ZG Capital Partners. Cushman & Wakefield will also serve the property manager for the asset under the new ownership.

“The Mott Haven submarket of the South Bronx is experiencing a surge in commercial and residential demand,” said Gideon Gil. “Our client was strategic about the Bruckner Building’s location and its ability to compete long-term in this submarket. Lenders were excited about the combination of sponsorship, location and the upside in the submarket and positive cash flows.”

The Bruckner Building is an eight-story, 188,000-square-foot property comprised of commercial lofts. It is located at 2417 Third Avenue in the Bronx. The building has recently undergone major capital improvements, including a full lobby and entrance renovation, new elevators, building-wide window replacements, exterior and façade updates and new common corridors. Ownership also has residential development rights for 30,000 square feet on an attached lot.

With direct access to the Third Avenue Bridge, this property is conveniently located on the Harlem waterfront with easy access to Manhattan. The building is within walking distance to the 138th Street and 3rd Avenue-138 Street Subway Stations with access to the 4, 5 and 6 trains.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Cushman & Wakefield Media Contact

Michael Boonshoft New York Communications
Michael Boonshoft

Director, Americas PR & External Communications • New York

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