Simone Development Companies Acquires Former Bronx Supermarket Building for Planned Logistics Facility Conversion
BRONX, NY – October 6, 2023 – Simone Development Companies has acquired a property at 1720 Eastchester Road in the Morris Park section of the Bronx from Madison International Realty for an undisclosed price. The new owners plan on repositioning the property as a much-needed warehouse, distribution and logistics center for the East Bronx.
The 186,298 square-foot logistics center at the corner of Eastchester Road and Waters Place, adjacent to Simone Development Companies’ 1.4 million square-foot Hutchinson Metro Center, formerly housed a 63,000 square-foot one-story Stop & Shop supermarket, a liquor store and a Subway restaurant.
Jonathan Squires, Managing Director in the Investment Sales Group at Cushman & Wakefield, along with Josh King, represented the seller in the sale. The new owners were represented by Simone Development Companies Senior Vice President of Development Megan Guy, Vice President of Development Brian Reardon, Vice President of Leasing Josh Gopan and in-house legal team of Dina Gupta and Sean Heneghan in the negotiations.
“This transaction was over four years in the making and incredibly complicated,” said Mr. Squires of Cushman & Wakefield. “We were grateful to have Madison International Realty as an extremely competent seller and Simone Development Companies as a buyer who comprehended the transaction and simplified the process due to their confidence in the property and their understanding of the local market.”
The 186,298 square-foot industrial logistics center features expansive outdoor parking, 18’ clear ceiling heights, multiple loading docks and drive-in doors. The property offers convenient access to local highways, and LaGuardia Airport, JFK and Westchester County airport can also be easily reached via a 17-, 25-, or 34-minute car ride, respectively.
“Centrally located within the NYC Metro Market, this location offers unprecedented access to all surrounding areas,” said Mr. Gopan. Simone Development has engaged Jonathan Squires, Josh Kleinberg, Josh Neustadter, Austin Weiner and Joe Hentz, Jr. of Cushman & Wakefield as the exclusive agents for the property.
“The East Bronx, particularly the neighborhoods of Morris Park, Williamsbridge, Pelham Bay and Throggs Neck, are in critical need of modern last-mile warehouse distribution centers to serve the growing delivery needs of these well-established residential communities,” said Mr. Reardon. “Simone Development Companies has decades of experience in the development, operation and leasing of industrial properties throughout the tri-state region and looks forward to the delivery of a modern facility at this site.”
About Simone Development Companies
Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of healthcare, mixed-use, office, industrial, retail and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over 7 million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester County, Orange and Fairfield Counties and New Jersey. With expertise spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its vertically integrated management team, long-term asset ownership and its pursuit of visionary development.
Simone Development Announces ReadySpaces Signed Lease for Entire 110,300-Square-Foot Building at 250 E. Sandford Blvd, Mount Vernon
ReadySpaces Provides Next-Generation Commercial Warehousing and Workspace to Businesses Looking for Flexible, Turnkey Spaces
MOUNT VERNON, NY (August 2023) — Simone Development Companies has announced that ReadySpaces, a warehouse storage provider for small businesses, has signed a long-term lease for the entire 110,300-square-foot building at 250 E. Sandford Boulevard in Mount Vernon, NY.
Josh Gopan, Vice President of Leasing, and in-house counsel Patrick Doyle represented Simone Development in the lease transaction. “We are delighted to have ReadySpaces, a fast growing and innovative company, as our single tenant at 250 East Sandford Boulevard. This facility provides ReadySpaces with an abundance of modern industrial/flex space in a convenient location that offers easy access to major highways and public transportation,” said Gopan.
ReadySpaces, the leader in the co-warehousing industry, provides flexible warehouse space for small & mid-size businesses. ReadySpaces operates 32 warehouse facilities nationwide with a customer base of over 2,000 businesses, and more launches upcoming. The Mount Vernon location is the second in New York State and fifth in the NYC/North Jersey metro area.
“We’re excited to bring the ReadySpaces concept to Mount Vernon, meeting the high demand and customer enthusiasm we’ve seen in the NYC/North Jersey metro area. Our facilities are designed to empower local businesses with the flexible, dynamic spaces they need for growth in today’s competitive industrial market,” said Kevin Petrovic, Partner at ReadySpaces.
250 East Sandford Boulevard is a four-story, 110,300 square-foot industrial/flex R&D property. The facility offers floorplates of more than 18,000 square feet on the ground floor, more than 30,000 square feet on levels one and two and nearly 32,000 square feet on level three, and features 145 parking spaces, six loading docks, direct drive-in access on the ground level, and floor load capacity of 185 pounds per square foot.
Originally constructed in 1970, Simone acquired the property in September 2021 and commenced a renovation that included a new exterior façade, new windows, new elevator, the addition of a front-loading dock and complete paving and restriping of the entire three-acre site. The building’s redevelopment strategy takes advantage of the site’s topography by providing direct loading access on all four floors, offering flexibility for single-users or multiple full-floor tenants.
Located in Southern Westchester and bordering the Bronx, the site has convenient access to both public transportation and major highways, including I-95, I-87 and the Hutchinson River Parkway. In addition to a public bus stop at the site, the property is one half mile from the Mount Vernon East Metro-North train station.
About Simone Development Companies
Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of healthcare, mixed-use, office, industrial, retail and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over 7 million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester County, Orange and Fairfield Counties and New Jersey. With expertise spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its vertically integrated management team, long-term asset ownership and its pursuit of visionary development.
Nearly 1,000 Affordable Homes Approved for the Bronx Amidst Historic Housing Crisis
City Council Votes 47-0 to Approve Community-oriented Development by
Long-time Property Owners Simone Development
City Leaders Applaud Effort that Will Create Needed Housing on Underutilized Site and
Open the Bronx River Waterfront to the Community
Bronx, New York – September 28, 2023 – The City Council today took its most significant action so far this year to address the urgent and growing housing crisis, voting 47-0 to approve a proposal by Simone Development that will create 970 permanently affordable homes in the Bronx. It is among the largest affordable housing applications approved to-date in 2023.
“As an organization that cares deeply about the borough that we have called home for decades, we are grateful for the opportunity to not only help address our housing crisis, but also connect our community to its beautiful waterfront,” said Patricia Simone, principal of Simone Development. “We applaud Chair Salamanca, Speaker Adams, members of the City Council, Mayor Adams, and Borough President Gibson for their leadership and action to create new, high-quality affordable homes for our neighbors.”
Simone Development, a Bronx-based company with a rich legacy of driving economic development in the borough, has owned the site for three generations and is expected to invest approximately $500 million in the development along the Bronx River. The development will consist of apartments thoughtfully designed to cater to diverse needs and family sizes, with studios, one-bedroom units, two-bedroom residences, and three-bedroom homes.
“I am thrilled that Simone Development’s proposal to bring 970 affordable housing units to the Bronx has been approved. This transformative project will help address our City’s ever-growing housing crisis by providing truly affordable residential units to working class individuals and families, and will also bring new life to the underutilized land that has gone untouched within my District,” said New York City Council Member Rafael Salamanca. “I would like to thank Speaker Adams, my City Council colleagues, and Mayor Adams for their dedication to helping us see this project over the finishing line, and I look forward to seeing the positive change that this development will bring to my community.”
“We need all hands on deck to address the shortage of high quality affordable housing in our city and Simone Development is stepping up with a transformative vision for this transit-oriented site along the banks of the Bronx River,” said HPD Commissioner Adolfo Carrión Jr. “Congratulations to the development team and the City Council for moving this plan forward – we look forward to collaborating with Simone to bring nearly 1,000 new affordable homes and more open space to this growing part of The Bronx.”
It’s expected that a portion of these new homes will be deeply affordable and accessible to individuals earning up to $49,000 a year, with others available to individuals earning a range of incomes up to $108,000 a year, including essential workers such as firefighters, teachers, and union laborers. Simone Development has been working closely with the community throughout this process and will continue to do so as it engages with key stakeholders and financing agencies to develop a mix of affordability that reflects the community’s goals.
In addition to providing much-needed affordable housing, this project will create over an acre of new public open space along the Bronx River. The development will include an amphitheater, a pedestrian promenade, river overlooks, outdoor dining and seating areas, native plantings, bio-swales, and connections to neighboring parks and greenways. It is a testament to Simone Development’s commitment to enhancing the quality of life for the Bronx community and ensuring that residents have access to green, recreational spaces within the city.
The proposed development will consist of three buildings, each designed to harmonize with the surrounding neighborhood’s architectural aesthetics.
Historically, the Proposed Rezoning Area has been home to industrial and transportation-related uses. The site at 1460 Sheridan Boulevard housed several railroad companies, including a powerhouse and other operational facilities during the early 20th century. The existing building on this site was constructed in 1965 and later used as an ironworks facility in the 1970s. Similarly, 1480 Sheridan Boulevard was occupied by a coal and lumber yard during the first half of the 20th century and later used for concrete slab manufacturing, welding, and automobile repair. The existing buildings on the site date back to 1924, reflecting the rich history of this location.
About Simone Development:
Simone Development is a family-owned and operated real estate company with a strong commitment to economic development in the Bronx. With a legacy spanning three generations, Simone Development has been a driving force behind transformative projects that enhance the Bronx community and provide vital resources such as affordable housing – including the Hutchinson Metro Center, one of the largest mixed-use developments in the region. This $500 million development at 1460-1480 Sheridan Boulevard reflects Simone Development’s unwavering dedication to creating positive change in the Bronx.
Real Estate visionary to lead NYC effort to build culture of health for all – Joe Simone named Centennial Chair of the 2024 Heart of New York City campaign
New York, NY, September 20, 2023 —Joe Simone, President of Simone Development Companies, has been named Centennial Chair of the American Heart Association’s Heart of New York City, a year-round effort aimed at investing in and saving and improving lives in the five boroughs. The Heart of New York City culminates with the Heart of New York City Gala in June, an event that celebrates progress made through the dedication and passion of all who support this community-wide campaign.
“The American Heart Association is dedicated to the extension of life through a commitment to science, education, improving medical care and leading with prevention. This is why I am honored to serve as Chair of the 2024 Heart of New York City campaign and look forward to celebrating the impact we will make,” said Joe Simone, President of Simone Development Companies, and member of the American Heart Association New York City Board of Directors. “I am eager to work with our outstanding team of volunteer leaders and the American Heart Association as we all advocate to make a difference in the well-being of everyone in this community. Together we must continue to strive to do everything we can to make a lasting, positive impact on the health of all New Yorkers.”
In 2024 the American Heart Association will celebrate its centennial year, meaning that Mr. Simone will have the special distinction of serving as the Heart of New York City campaign’s Centennial Chair. Mr. Simone will also serve on the prestigious American Heart Association New York City Board of Directors from July 2023 through June 2025.
“The American Heart Association has worked to save and improve lives since 1924—and it’s just getting started,” Simone said. “I invite all New Yorkers to join us in celebrating the American Heart Association’s transformative impact over the past century and building a second century of equitable health for all.”
The American Heart Association’s centennial is a celebration of the lifesaving achievements and shared vision for a bold second century that will exponentially advance heart and brain health. The Association will continue to lead breakthroughs in science and technology, improve healthcare and advocate for federal, state and local policies that drive healthier lifestyles.
“Joe understands the impact the mission and work of the American Heart Association can have on every person who lives in this area. We welcome him to the Heart of New York City, an initiative that centers around better health for every individual by focusing on critical issues and work to equitably improve and save lives,” says Meg Gilmartin, Executive Director and Senior Vice President, American Heart Association, New York City.
The 2024 Heart of New York City Gala is sponsored by Simone Development Companies, and Compass One Healthcare. It is slated for June 2024 at venue TBD. The annual celebratory event is a night to honor survivors, patrons and volunteers of the American Heart Association, the world’s leading nonprofit organization focused on heart and brain health. The evening will feature stories from survivors, as well as dinner, dancing and an exciting auction. For more information on how to support or attend the Heart of New York City Gala, visit the campaign website or contact sydney.hoffman@heart.org.
About the American Heart Association
The American Heart Association is a relentless force for a world of longer, healthier lives. We are dedicated to ensuring equitable health in all communities. Through collaboration with numerous organizations, and powered by millions of volunteers, we fund innovative research, advocate for the public’s health and share lifesaving resources. The Dallas-based organization has been a leading source of health information for nearly a century. Connect with us on heart.org, Facebook, Twitter or by calling 1-800-AHA-USA1.
About Simone Development Companies
Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of healthcare, mixed-use, office, industrial, retail and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over 7 million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester County, Orange and Fairfield Counties and New Jersey. With expertise spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its vertically integrated management team, long-term asset ownership and its pursuit of visionary development.
Chipotle to Open New Bronx Location at Simone Development’s Hutchinson Metro Center Atrium
BRONX, NY – September 12, 2023 – Simone Development Companies has announced Chipotle Mexican Grill has signed a long-term, 2,957-square-foot lease at the firm’s Metro Center Atrium, located at 1776 Eastchester Road within the Hutchinson Metro Center complex in the Bronx. Josh Gopan, Vice President of Leasing at Simone Development, and in-house counsel Patrick Doyle represented ownership alongside Chris Walther and Miles Mahony of RIPCO Real Estate. Chipotle was repped by Ben Weiner and Joanne Argenti of RIPCO Real Estate.
Chipotle operates over 3,100 locations in the U.S, including over 55 in New York City alone. Their latest location at The Hutchinson Metro Center Atrium, serving the Pelham Bay and Morris Park neighborhoods in the Bronx, features an enhanced beverage menu offering margaritas and beer in addition to fountain and bottled refreshments.
“Chipotle is the perfect addition to an already robust offering at The Hutchinson Metro Center Atrium,” said Josh Gopan, Vice President of Leasing at Simone Development. “The fast casual restaurant was attracted to our mixed-use complex due to its ideal location, generous onsite parking, 24/7 security, and outstanding tenant roster, including one of the borough’s only major flag hotels.”
Simone Development’s Hutchinson Metro Center Atrium is a 360,000-square-foot mixed-use complex featuring three floors of Class A office and medical space, as well as retail and a 125-room Residence Inn by Marriott. The property features a remarkable glass atrium and lobby, as well as more than 1,100 onsite parking spaces. The retail spaces at the Atrium are now fully leased.
Chipotle joins several well-known retail tenants at the Hutchinson Metro Center Atrium, including LA Fitness, Dunkin Donuts, A_Z Nutrition, and Residence Inn by Marriott. The property is also home to several healthcare related tenants including Affinity Health Plan, Montefiore’s Division of Plastic Surgery and Department of Medicine, as well as Freedom Center Home Dialysis and Hanger Clinic Prosthetics and Orthotics.
About Simone Development Companies
Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of healthcare, mixed-use, office, industrial, retail and residential properties. Headquartered at the Hutchinson Metro Center, it boasts a portfolio of over 7 million square feet throughout the Bronx, Manhattan, Queens, Long Island, Westchester County, Orange and Fairfield Counties and New Jersey. With expertise spanning acquisition, development, construction, finance, asset management, accounting, leasing and property management, Simone Development Companies is set apart by its vertically integrated management team, long-term asset ownership and its pursuit of visionary development.