3848 Bailey Ave, The Bronx, NY 10463

Located at 3848 Bailey Avenue in the Bronx, this development site offers a considerable 3,134 Sq. Ft. lot size. It's zoned R7-1 (Wide Street) with a Floor Area Ratio (FAR) of 4.0, allowing for a buildable area of approximately 12,536 square feet. The property, situated just 0.3 miles from the 238th Street subway stop, offers easy access to Manhattan. This site is currently built as a (2) family that will be delivered vacant making it immediately available for development. The deep and wide lot provides substantial space for construction, and the property holds the potential for a 8-story building with around 18 residential units. The recent implementation of the 485-x tax abatement, under the Affordable Neighborhoods for New Yorkers ("ANNY") program, enhances the attractiveness of this opportunity, offering significant tax incentives for developers focused on rental housing. This property is well-suited for a rental developer or investor looking to capitalize on the growth and potential of the Bronx.