C&W Arranges $7M Sale of Bronx 100K-BSF Development Site  

Cushman & Wakefield recently facilitated the sale of a prime development site at 3083 Webster Avenue in the Bronx. The approximately 100,000-buildable-square-foot property, situated on a 15,000-square-foot lot, was sold for $7 million. The seller, Atlantis Management, was represented by Cushman & Wakefield’s Jonathan Squires, Josh Neustadter, and Austin Weiner. 

Initially acquired by Atlantis Management with plans for a gas station, the project is expected to be financed with Low Income Housing Tax Credits and subsidies from NYC’s Department of Housing Preservation and Development and Housing Development Corporation, along with equity from SKF Development. 

“This marks our third transaction involving 3083 Webster Avenue in three years,” said Squires. “This marks our third transaction involving 3083 Webster Avenue in three years,” said Squires. “Initially sold on behalf of a family with a gas station tenant, Atlantis Management purchased the property with plans to take over operations as a gas station. However, after the existing tenant vacated, we advised Atlantis that acquiring the air rights from the neighboring rent stabilized building would add value to the property as a development site.”