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Land Site, Air Rights Trade to Opportunity Zone Fund in Bronx’s Little Italy
Brix Real Estate Advisors closed the $2.3-million sale of a vacant land site at 2330 Cambreleng Ave. in the Bronx’s Little Italy neighborhood that included air rights of an adjoining Opportunity Zone property. The firm’s Matthew Barbaccia represented both seller John Colangelo and buyer Aaron Yakobian.
According to Barbaccia, the developer was attracted to the site due to its proximity to Arthur Avenue and Fordham University. In addition, by purchasing the air rights from the adjoining property, the buyer can build a larger property on the Cambreleng site.
The buyer purchased the property through an Opportunity Zone fund.
Brix is also marketing another development site in Little Italy located at 2414 Cambreleng Ave.
- ◦Sale/Acquisition