NEW YORK CITY—A development site that's come up for up sale in the Bronx has big potential. Located at 291-299 E. 161st St., the 14,600-square-foot parcel features zoning that allowing for the construction of 102,000 square feet of space, GlobeSt.com has learned EXCLUSIVELY.
Currently containing five townhouses that will be delivered vacant, the property is suited to the development of a retail, residential or mixed-use building, according to Avison Young, which landed the agency for the site.
The firm's Jon Epstein, principal and associates Sam Schertz and Eric Karmitz in the capital markets group will work to market the property in the Concourse neighborhood.
"Land pricing in queens and Brooklyn is getting robust so it's harder to generate a return," Epstein tells GlobeSt.com. "Here's a chance to do a rental project, and the South Bronx is one of the few neighborhoods where investors can find affordable acquisition opportunities with significant value-add potential."
"The likely scenario for the site," he continues, "is a mixed-use retail and residential project with some affordable housing component because of the tax abatement that allows."
The area of the site, East of Yankee stadium is an "emerging market," asserts Epstein. "Several new retail tenants have moved in—including Home Depot by the Bronx Terminal Market—and a lot is happening along the water."
He also expects national food purveyors, as well as similar firms in other industries, to show an interest in the site. "There's already a Starbucks, Burger King, Subway and Hard Rock Café by Yankee Stadium. There's also a Walgreens right across the street, a CVS, Chase and Bank of America branches, Family Dollar is there, there are two Staples stores in the area and Montefiore Hospital has an approximately 100,000-square-foot facility. So there's a lot going on."
Adds Epstein, "It's on a wide street and, being right next to the court, there's a lot of daily foot traffic to access the property, and there's transportation nearby."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
