3514 Wayne Avenue, 3520 Wayne Avenue, and 3522 Wayne Avenue, Bronx, NY
Type of Property: Medical Office with parking lot
Reason for Contacting Citadel Realty Services:
An estate inherited these three properties on Wayne Avenue in Bronx County. Each of the properties was losing money, and in need of proper management. The estate contacted Citadel Realty to address these problems and turn a loss into a profitable investment.
Our Strategy:
The properties consisted of: a three-story building with an empty medical office on the ground floor and apartment units on the second and third floors; a vacant three-family building in physical decline; and a vacant lot. We contacted Montefiore Hospital and convinced it to: lease and renovate all three floors of the building at 3514 Wayne Avenue for medical purpose; tear down the building in decline; and consolidate the (now) two vacant properties at 3520 and 3522 Wayne Avenue for use as a paid parking facility for Montefiore’s patients and staff.
The End Result:
Montefiore renovated the properties for use as a clinic for Children’s AIDS Research with adjoining parking. It is the only such facility in the country, and our client now has a highly profitable asset.
Turnaround time: 2 years
Citadel Realty Services is still managing the property.