PDL Community Bancorp in Bronx, N.Y., sold a property for $16.1 million.
The $1.5 billion-asset parent of Ponce Bank said in a press release Wednesday that it agreed to lease the property at an initial base annual rent of about $926,100, subject to annual 1.75% rent increases.
“We are excited about the sale and leaseback … and look forward to continuing to provide the excellent products and customer service that Ponce Bank has always been known for in the immediate neighborhood,” Carlos Naudon, PDL’s president and CEO, said in the release.
“More importantly, 2021 continues to be a year of investing ─ in the safety of our people and the future of our organization and our communities ─ with the clear goal of enhancing stakeholder value,” Naudon added.