Thursday, January 03, 2008

Banco Popular Completes $26 Million Sale leaseback of Five Bank Branches in New York City

CoStar Group - December 28, 2007

MLM Partners LLC has acquired a portfolio of five New York properties owned and occupied by financial services firm Banco Popular for a total of $26.25 million, or about $690 per square foot.

The properties are at 2927 3rd Ave. and 1046-50 Southern Blvd. in the Bronx, 162-66 E. 116th St. in Harlem, and 918 Seneca Ave. in Flushing. The deal also included a parking lot adjacent to the Flushing building, at 1734 Hancock St.

Banco Popular has leased back the facilities for a 20-year term. The Puerto Rico-based bank operates in the United States, the Caribbean and Latin America, and has approximately 46 branches in New York and New Jersey. Sphere: Related Content

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