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Ariel Marketing Adjacent Assets Straddling Jerome Ave. Rezoning
Ariel Property Advisors has been retained to sell 1408 and 1414-1424 Cromwell Ave., adjacent properties that are, respectively, inside and just outside the recently rezoned Jerome Avenue district in the Bronx. Asking price for both is $8.25 million.
1408 Cromwell is a development site providing 62,417 buildable square feet as of right, while 1414-1424 Cromwell (pictured) is a 26,787-square-foot commercial building. The latter is leased to a parking lot operator until 2025, but favorable terms allow ownership to terminate the agreement.
“It has only been about a month since the rezoning of Jerome Avenue, and we have already seen a significant uptick in interest from investors looking to buy assets in an area that is poised to evolve rapidly in the future,” said Ariel’s Jason Gold, who is representing the seller with Michael Tortorici and Daniel Mahfar. “The rezoning is jumpstarting a tremendous amount of development for Mandatory Inclusionary Housing.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
