
Bronx Development Site Achieves Pricing Record
Cushman & Wakefield arranged the sale of 1959 Jerome Ave., a 139,927-square-foot development site in the recently rezoned Jerome Avenue area of the Bronx. The final sale price was $13,926,960, equating to $100 per buildable square foot.
Jonathan Squires, Michael Fioravanti and Josh Neustadter of Cushman & Wakefield represented the seller, Tremont Garage Realty Corp, and were the sole brokers in the transaction. Peter Fine of Bolivar Development acquired the asset.
“This corner site is a keystone of a larger development assemblage, allowing the buyer to utilize the rest of the site in a far more efficient manner,” said Squires. “Because of the asset’s strategic location, we were able to maximize the purchase price, achieving a new record price per buildable square foot for the rezoned Jerome Avenue district.”
The 213’ x 89’ property was a strategic acquisition for Bolivar as a part of a larger 280,000-square-foot development.