Marcus & Millichap Inc.
06/26/2026 | Press release | Archived content
Marcus & Millichap Brokers $16.25M Sale of Ponce Bank Flagship Headquarters in the Bronx
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Marcus & Millichap Brokers $16.25M Sale of Ponce Bank Flagship Headquarters in the Bronx
June 26, 2026
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NEW YORK, June 26, 2026 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a net-leased bank property occupied by Ponce Bank 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 & Millichap's New York office. "Unlike most other single-tenant properties, this was a large parcel with significant future development potential, in addition to being right by the subway. We created a competitive bidding environment, and in the final stage, three buyers aggressively pushed the price up and the cap down to 6.1%. Ultimately, we selected an all-cash 1031 buyer."
Siegel exclusively marketed the property on behalf of the seller, Arc Trust. The buyer, completing a 1031 exchange, was procured by Judson Kauffman of Surmont.
The property is located at 2244 Westchester Ave. and totals 28,819 square feet on a .96-acre lot. The two-story building was constructed in 1970 and has 52 on-site parking spaces. The branch holds approximately $220 million in deposits and has served as Ponce Bank's flagship branch and corporate headquarters for 25 years.
The property is situated directly in front of the Castle Hill Avenue station and is near the Bronx Zoo, New York Botanical Garden and Fordham University.
"This property drew tremendous interest as it was a true management-free NNN investment with annual increases," said Steven Siegel of Marcus & Millichap's New York office. "Unlike most other single-tenant properties, this was a large parcel with significant future development potential, in addition to being right by the subway. We created a competitive bidding environment, and in the final stage, three buyers aggressively pushed the price up and the cap down to 6.1%. Ultimately, we selected an all-cash 1031 buyer."
Siegel exclusively marketed the property on behalf of the seller, Arc Trust. The buyer, completing a 1031 exchange, was procured by Judson Kauffman of Surmont.
The property is located at 2244 Westchester Ave. and totals 28,819 square feet on a .96-acre lot. The two-story building was constructed in 1970 and has 52 on-site parking spaces. The branch holds approximately $220 million in deposits and has served as Ponce Bank's flagship branch and corporate headquarters for 25 years.
The property is situated directly in front of the Castle Hill Avenue station and is near the Bronx Zoo, New York Botanical Garden and Fordham University.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit https://www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on June 26, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 29, 2026 at 19:42 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]