Development Site Trades in Newly Rezoned Jerome Ave. District
Ariel Property Advisors has facilitated the sale of 1408 Cromwell Ave., one of the first development sites sold after the recent rezoning of the Jerome Avenue District in The Bronx. The block-through property sold for $3.4 million.
“Offering scale and a great location, this site saw a major influx of interest in the immediate aftermath of the rezoning, and heavy demand prompted a relatively swift sale,” said Jason M. Gold, a director at Ariel. Gold and his colleagues Michael A. Tortorici and Daniel Mahfar represented the seller and procured the buyer.
Thanks to the rezoning, the 1408 Cromwell development provides 62,417 buildable square feet, as-of-right. It’s within a mile of the newly-renovated Highbridge Park, Bronx Lebanon Hospital, Yankee Stadium and the West Bronx Recreation Center. Immediate access to Manhattan and the outer-boroughs is provided by the nearby 4, B, and D subway lines.
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