New York & Tri-State + Industrial | March 12, 2021

Development Opportunity Trades in Bronx’s Mount Eden Neighborhood

Ariel Property Advisors arranged the sale of 1414-1424 Cromwell Ave. in the Mount Eden neighborhood of the Bronx. The building, which can be used for commercial, industrial or warehouse space, sold for $4.35 million.

An Ariel team of VP Jason Gold, EVP Michael Tortorici and director Daniel Mahfar arranged the transaction.

Held by the owner for more than 30 years, the 26,787-square-foot building, located on the east side of Cromwell Avenue off the corner of West 170th Street, has been used as a parking garage for nearly 20 years and is currently leased to a parking operator. The building sits just outside of the recently rezoned Jerome Avenue district, an area where many investors have shown significant interest for future development.

“The building is situated in a rapidly developing area where the investor will be able to capitalize on an opportunity that will greatly benefit the neighborhood,” said Gold.

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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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