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Development Site Changes Hands in Bronx’s Belmont Neighborhood
Ariel Property Advisors has facilitated the sale of 4477 Third Ave., a favorably-zoned development site in the prime Bronx neighborhood of Belmont. It sold for $3.9 million, or approximately $100 per buildable square foot as-of-right.
A team of Marko Agbaba, Jason M. Gold and Michael A. Tortorici represented the seller, 9/25 Capital. They also procured the buyer, the Sandhu Group.
Situated at the epicenter of Saint Barnabas Hospital’s campus, the 72.5’ x 100’ asset is in an Inclusionary Housing Zone that permits a sizable boost to floor area ratio if developed with an affordable housing component. The existing structure is a 7,250-square foot,-single-story vacant building, built to lot size.
“This property saw tremendous demand, as it offers scale in a coveted and rapidly appreciating up-and-coming Bronx neighborhood,” said Agbaba. The location within a Qualified Opportunity Zone and across the street from a major hospital “further boosted the desirability.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
