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One-Story South Bronx Building to be Redeveloped with Multiple Floors

Lee & Associates NYC principal Steve Lorenzo arranged the sale of 2970 Third Ave. in the South Bronx’s The Hub on behalf of both the seller, The Jackson Group, LLC, and the buyer, 5 Boro Real Estate Partners. The property traded for $8.75 million. 

5 Boro Real Estate Partners plans to redevelop 2970 Third Ave., currently a 15,000-square-foot single-story corner building into a 100,000-square foot, mixed-use building. Lee NYC has also been tapped to exclusively market the redevelopment, which will include multiple floors of new retail and commercial space. 

“This prime real estate corner is described as the Broadway of the Bronxthere is rich history, culture, restaurants, and retail that has added to the vibrancy of the neighborhood,” said Lorenzo. “We’re excited to work with 5 Boro Real Estate Partners to help reimagine the building and deliver the new, high-quality space to the market.” 

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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 16-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 7-10 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).

  • ◦Sale/Acquisition
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