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Parcel Comes to Market Along Rezoned Jerome Ave. Corridor
Ariel Property Advisors has been retained to sell a development site at 1408 Cromwell Ave. in the Bronx, along the Jerome Avenue corridor that has just been rezoned. The firm’s Jason M. Gold, Michael A. Tortorici and Daniel Mahfar are representing the owner, with an asking price of $3.5 million.
The rezoned vacant lot is located between Cromwell and Inwood avenues, just off the corner of West 170th Street in the Bronx’s Mount Eden section, and provides 57,762 buildable square feet as of right. The Jerome Avenue rezoning aims to bring more residential units, specifically affordable housing, to an area that has been known mainly for commercial and industrial use.
“The rezoning should kick-start a tremendous amount of development for Mandatory Inclusionary Housing within this up-and-coming submarket in The Bronx,” said Gold. “We are excited to see how this rezoning will bolster Mayor de Blasio’s affordable housing initiative.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
