A 45,876-square-foot industrial building in the Wakefield section of the Bronx that stayed in one family for 65 years has sold for $10.35 million, closing out a chapter for a warehouse that has been fully leased to Montefiore Einstein since 1986. The deal for 4341 Bullard Avenue ranks among the five largest industrial sales the North Bronx has seen in the past decade.
According to New York Real Estate Journal, sellers Mark Silberman and Susan Dahlstrom turned to Choyce Peterson, Inc. to handle the transaction, and the firm's Capital Markets team — led by vice president Scott Peterson and principal Alan Peterson — was ultimately appointed exclusive sales agent. Per Choyce Peterson, the firm had already been providing occasional valuation and leasing advice for nearly eighteen months before landing the listing. Buyer Bullard Properties LLC was represented by Michael Rao of New York Commercial Realty Group, LLC, the same account notes.
Not everyone agrees on exactly how big the building is. Choyce Peterson describes it as 45,876 square feet, while Traded lists it as a 50,000-square-foot property that sold for $207 per square foot — a figure PropertyShark also uses in its own listing. Traded further reports that the buyer was Prabhjit Singh.
A Six-Decade Family Hold Comes to an End
The building at 4341 Bullard Avenue dates to 1961, and Silberman and Dahlstrom told Choyce Peterson that the property had been in their family since it was constructed. In their statement, the sellers said they were pleased with the favorable sale outcome that Scott and Alan helped achieve, according to the firm's account of the deal, which NYREJ also relayed.
The property includes roughly 27,000 square feet of warehouse space with 22-foot ceilings, six loading docks and one drive-in door, plus about 4,000 square feet of office space, per the same source. It sits less than 300 feet from direct access to the Bronx River Parkway and is close to I-87, I-95 and Route 1, a location that put it within easy reach of regional distribution routes.
Competitive Bidding in a Tight North Bronx Market
Scott Peterson said the sale was highly competitive and drew interest from developers, investors and owner occupants across a wide variety of industries, the firm's account states. Choyce Peterson marketed the property through its prospective-buyer network, multiple commercial listing platforms and social media channels before the deal closed.
Part of the appeal, according to the brokerage, was scarcity: CoStar reported that at the time of sale, the property had more than twice the square footage and over three times the land of any other industrial building available in the North Bronx market. Demand was high for an existing structure of that size, the firm said, and investors reportedly anticipated additional New York regulation that could constrain future development of similar properties.
How It Compares to Other Recent Bronx Industrial Deals
The Bullard Avenue sale lands in a borough where industrial trading has been unusually active in recent years. The Bronx's industrial, warehouse and storage market hit a 10-year high in 2019, with roughly 35 transactions totaling $440 million — a jump of 130% from 2018 and 107% from 2017, according to Bisnow. That report also noted that investors have been willing to pay more than owner-users for Bronx industrial assets while accepting lower capitalization rates.
Other recent North Bronx deals cited by the outlet include Innovo Property Group's $54 million purchase of a 140,000-square-foot Hunts Point warehouse, MRP Realty's $70 million sale of a 116,000-square-foot Amazon-leased building on Viele Avenue, Turnbridge Equities' $56.2 million purchase of a Port Morris development site, and an $89 million deal by Himmel + Meringoff Properties and Square Mile Capital Management for a mixed-use industrial site on Bronxdale Avenue.
National Industrial Market Stays Hot
The Bullard Avenue sale also closed against a backdrop of surging national industrial demand. U.S. industrial leasing reached 202.6 million square feet in the third quarter of 2026, up 38.5% year over year and 15.3% from the prior quarter, according to JLL. Year-to-date net absorption of 231.6 million square feet had already topped all of 2025, with national vacancy holding at 6.8%.
National asking rents climbed 3.2% year over year to $10.55 per square foot, JLL reported, while developers expanded the construction pipeline to 317 million square feet, up 28.7% year over year. Industrial investment volume nationally reached $95.3 billion through the third quarter, a 38% increase from a year earlier, even as capitalization rates held steady at 5.42%.
Regulatory headwinds loom over that growth, at least in New York. Choyce Peterson's account points to increasing regulatory scrutiny that could limit future industrial development in the region, a concern echoed in state and city policy discussions. A New York State Senate bill would establish an indirect-source review for heavy distribution warehouse operations and direct the state's Department of Environmental Conservation to study zero-emissions zones. Separately, the New York City Council has said proposed zoning modifications under the City of Yes: Zoning for Economic Opportunity plan are meant to address the impacts of last-mile facilities while still promoting industrial development and strengthening manufacturing districts.
