188 E 135TH ST
Land | 25,464 SqFt
Marketing description
RIPCO Real Estate has been retained on an exclusive basis to arrange for the sale of 188 EAST 135TH STREET, a waterfront development site located in the Mott Haven neighborhood of the Bronx.
188 East 135th Street is a premier 421a qualified, waterfront development opportunity located in the Mott Haven neighborhood of the Bronx. The property spans 25,464 SF and is zoned R7-2, C2-4, (HRW), offering a maximum FAR of 4, which translates to 176,588 buildable square feet (including obtained air rights). This site is ideal for a variety of uses including residential, mixed-use, and community facilities. It is also situated within a Qualified Opportunity Zone, providing potential tax benefits for developers as well as being enrolled in the Brownfield Cleanup Program (BCP) and is entitled to its credits.
The property features 143 feet of frontage along East 135th Street. Its strategic location off the Major Deegan Expressway (I-87) offers easy access to Midtown Manhattan, with Third and Willis Avenue Bridges and the 2 4 5 and 6 subway lines just steps away, making it a highly desirable site for development. The area is witnessing a surge in development activity, with over 9.5 million square feet and 7,300 residential units coming online, driven by prominent developers such as Brookfield, RXR, and L+M Development.
This property provides an excellent opportunity for investors and developers to capitalize on the growing demand for mixed-use developments in one of New York City’s most active development zones. With plans for a 238,093 gross square foot, 25-story, 236-unit mixed use building utilizing available bonuses, the site will enable a developer to create a ground-up, high-rise, mixed-use project on the water with extensive views of the NYC skyline.
Investment highlights
- Location:
- One of Mott haven’s last undeveloped waterfront sites
- Surge of development activity with a lower land basis in comparison to outer boroughs
- Surrounded by some of NYC's largest developments by rxr, l+m, and Brookfield's 1.3m sq ft mixed-used project
- Transportation:
- Steps to 2 4 5 and 6 subway lines and the third and Willis avenue bridges providing easy access to midtown Manhattan
- 10-minutes drive (5.6 miles) to la Guardia airport and 30-minute drive (15.5 miles) to jfk international airport
- Tax benefits:
- Qualified 421a site
- Benefits from being in a qualified opportunity zone (qoz)
- Enrolled in the brownfield cleanup program (bcp) and entitled to its credits
- Lot & size:
- 143’ x 210’ | 25,464 sf
- Up to 176,588 buildable sf
- 143 feet of frontage along east 135th street
- Comprehensive deal room:
- Due diligence materials available including:
- Plans for a 238,093 gross square foot, 25-story, 236-unit mixed-use building Utilizing available bonuses
- Surveys
- Environmental studies
- Boring and geotechnical reports
- Tax benefit supporting documentation
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