Listed by Marcus & Millichap - Manhattan
$1,790,000
1602 Hering Avenue
Details
APN 04113-0039, 04113-0040
Property Type Land, Mixed Use
Sub Type Commercial, Residential
Square Footage 1,642
Tenancy Vacant
Price per SqFt $239
Buildings 1
Lot Size (SqFt) 7,500
Zoning R4
Investment Type Redevelopment
Ground Lease No
Land | 7,500 SqFt
Marketing description
We are pleased to present the Morris Park Assemblage, a versatile development opportunity located in one of the Bronx's most desirable residential enclaves. This offering combines a 50-foot wide vacant parcel with an adjacent improved lot, creating a total footprint of 7,500 square feet with significant frontage on Hering Avenue, and includes DOB approved drawings.
Situated in an R4 Zoning District, the site offers a unique "dual-track" development potential. It is ideally zoned for high-density Community Facility (Medical) use—capitalizing on its location in the Bronx's "Medical Mile"—while also possessing the perfect dimensions and zoning fundamentals for three residential buildings that contain three two-bedroom apartments.
Investment highlights
- 75 FT X 100 FT Morris Park Assemblage with R4 Zoning
- 7,500 SF combined lot area with 75 feet of frontage on Hering Avenue
- Residential buildable: 7,500 ZSF (FAR 1.00)
- Community Facility buildable: 15,000 ZSF (FAR 2.00)
- DOB approved drawings included
- Assemblage includes Block 204113, Lots 39 & 40
- Lot 40 (Vacant Land): 5,000 SF (approx. 50' x 100')
- Lot 39 (Existing Building): 2,500 SF (approx. 25' x 100')
- Existing ~1,642 SF building with medical office on ground floor and residential unit above providing interim cash flow
- Located blocks from Albert Einstein College of Medicine and Jacobi Medical Center
- Virtually zero vacancy for modern, Class-A medical office space in this radius
- Ideal for construction of ~15,000 SF Ambulatory Care Center or Non-Profit Headquarters
- Alternative: Development of high-end Two-Family or Three-Family homes
- Site can be subdivided into three separate 25-foot wide lots
- Developer could build three (3) semi-detached three-family homes, each approx. 2,500 SF
- Units can be sold individually as condominiums or fee-simple townhomes or retained as rental portfolio
Listing Contacts
Listed by Marcus & Millichap - Manhattan
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