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New York & Tri-State  + Uptown/Bronx  |  September 14, 2018
Paul Bubny
By: Paul Bubny

Development Site Trades in Newly Rezoned Jerome Ave. District

Ariel Property Advisors has facilitated the sale of 1408 Cromwell Ave., one of the first development sites sold after the recent rezoning of the Jerome Avenue District in The Bronx. The block-through property sold for $3.4 million.

“Offering scale and a great location, this site saw a major influx of interest in the immediate aftermath of the rezoning, and heavy demand prompted a relatively swift sale,” said Jason M. Gold, a director at Ariel. Gold and his colleagues Michael A. Tortorici and Daniel Mahfar represented the seller and procured the buyer.

Thanks to the rezoning, the 1408 Cromwell development provides 62,417 buildable square feet, as-of-right. It’s within a mile of the newly-renovated Highbridge Park, Bronx Lebanon Hospital, Yankee Stadium and the West Bronx Recreation Center. Immediate access to Manhattan and the outer-boroughs is provided by the nearby 4, B, and D subway lines.

For comments, questions or concerns, please contact Paul Bubny

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Inside The Story

Connect With Ariel's Gold, Tortorici and Mahfar

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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