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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. 
 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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