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Mott Haven Development Site Trades to Charter School Operator
Ariel Property Advisors closed the $25.5-million sale of a prime development site located at 261 Walton Ave. in the Mott Haven neighborhood of the South Bronx. Ariel’s Investment Sales team, led by senior director Jason M. Gold, founding partner Victor Sozio and associate director Gabriel Elyaszadeh, represented the seller. The buyer was Zeta Charter Schools.
The property consists of a 25,182-square-foot lot with approximately 181,000 buildable square feet. The site traded for $140 per buildable square foot.
“The South Bronx continues to see strong demand from both residential developers and institutional users,” said Gold. “This transaction underscores not only the ongoing strength of the Mott Haven development market, but also the growing demand for high-quality educational facilities in the neighborhood.”
Zeta Charter Schools’ acquisition reflects increasing interest from charter school operators seeking long-term real estate solutions in areas experiencing sustained population growth and residential development activity, according to Ariel.
- ◦Sale/Acquisition
