Listed by RIPCO Real Estate
$49,000,000
University Ave
Details
Property Type Land
Sub Type Commercial
Lot Size (SqFt) 168,082
Zoning R7-1, C8-1
Land | 168,082 SqFt
Marketing description
10 vacant lots spanning a combined 168,082 SF, with up to
842,091 buildable SF with City of Yes, in High Bridge, Bronx.
Investment highlights
- City of Yes Housing Opportunity
- Potential to build up to 842,091 SF
- Benefits from increased floor area, building height and bulk allowances, and reduced parking requirements
- Location
- Located in the Highbridge neighborhood of the South Bronx
- I-87 (Major Deegan Expressway)~3-minutes drive
- I-95 (Cross-Bronx Expressway) ~5-minutes drive
- 4, B, D subway lines & Bx11, Bx13, Bx18 bus lines within walking distance
- Less than 25 minutes to Midtown Manhattan
- Neighborhood Developments
- Recent surge in residential development, driven by city policy, strong demand for affordable housing, and institutional investment
- Nearby substantial affordable housing projects along the Jerome Avenue corridor, one of NYC’s most active affordable and mixed-income development zones
- Tax Benefits
- Opportunity to leverage 485-x Property Tax Abatement and Low-Income Housing Tax Credits (LIHTC) when incorporating affordable housing components
- Located in a Qualified Opportunity Zone
- Environmental Zone (En- Zone) makes it a great candidate for consideration for New York’s Brownfield Cleanup Program (the BCP).
- Comprehensive Due Diligence
- Pre-development materials available including:
- Surveys
- Zoning & Massing Studies with City of Yes scenarios
- Environmental Reports
- Geotechnical Studies
- Bid deadline of October 31st
Listing Contacts
Listed by RIPCO Real Estate
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