A big chunk of the former Pierce Arrow Plant at Elmwood and Great Arrow avenues just sold. Sinatra & Company Real Estate’s 157 Great Arrow LLC purchased 157 and 177 Great Arrow Avenue today for $2 million (red on map below). Great Arrow Acquisition LLC was the seller.
The Pierce Arrow complex has a jigsaw puzzle of ownership. 157 Great Arrow contains 350,000 sq.ft. of space spread across four floors. 177 Great Arrow has 149,000 sq.ft. The two sections Sinatra purchased today do not have street frontage but the seller also owns 255 Great Arrow Avenue under the Great Arrow Acquisition LLC name.
This is the second Pierce Arrow purchase this year. In May, Read Property Group’s Pierce Arrow LLC purchased the office portion at 1695 Elmwood Avenue and parts of the assembly plant at 1721-23 Elmwood (blue on map above). Read is planning 107 apartments for 1695 Elmwood.
Other former manufacturing sites nearby have gone residential in recent years. Rocco Termini’s Foundry Lofts project, a former FWS Furniture location, was converted into 46 market rate apartments and commercial space. Across the street, Termini created 38 apartments in the former American Radiator Company building at 1807 Elmwood Avenue. On nearby Grote Street, he redeveloped the former Houk Wire Wheel Company facility into 22 one and two-bedroom apartments and 3,000 sq.ft. of commercial space. Termini has two commercial projects planned on Chandler Street and Karl Frizlen and Jason Yots are planning to redevelop a pair of buildings at 27 and 37 Chandler for residential use.