1956 Jerome Avenue & 1937 Walton Avenue South Bronx
Total Page:16
File Type:pdf, Size:1020Kb
1956 JEROME AVENUE & 1937 WALTON AVENUE SOUTH BRONX, NY EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS • The subject properties are two development sites located in the Mount Hope neighborhood of the South Bronx. 1956 JEROME AVENUE 1937 WALTON AVENUE • Both sites together offers a combined approximate of 120,000 • As part of the recently rezoned Jerome • Subject is a 75’ x 100’ residential buildable square feet. Avenue corridor, property is situated in the development site located on the west side mandatory inclusionary housing zoning (C4- of Walton Avenue between East Tremont • Sellers also owns 12 East Tremont Avenue which they will retain and 4D), allowing for 74,657 buildable square feet. Avenue and East 177th Street. sits in between both properties and will allow the transfer of air TABLE OF CONTENTS rights between sites if needed through a zoning lot merger. • S u b j e c t i s a c o r n e r m i xe d - u s e d eve l o p m e n t • Sellers will need to retain 15 parking spaces site located on the southeast corner of for neighboring business operation at 10 • Multiple transportation options are available with the 4 train within Jerome Avenue and East Tremont Avenue. East Tremont Avenue. I. EXECUTIVE SUMMARY 3 1.5 blocks to Burnside Avenue station and B D trains within 3.5 blocks to Tremont Avenue – Grand Concourse station. • Existing building is collecting $11,000/ • Property is situated in R8 zoning which II. THE NEIGHBORHOOD 5 month ($132,000/annually) and has allows up to 45,150 buildable square feet partial basement under corner restaurant, of free market units. III. DUE DILIGENCE 8 allowing for maximum lot coverage. TAX MAP JEROME AVENUE 107.38’ 100.27’ 22 EAST TREMONT AVENUE 100’ FOR MORE INFORMATION, PLEASE CONTACT EXCLUSIVE AGENTS 100’ MITCHEL FLAHERTY DJ JOHNSTON STREET st 32 Director Partner, Senior Managing Director 100’ 646 933 2642 646 933 2619 [email protected] [email protected] 75’ EAST 177 EAST WILLIAM CHENG MICHAEL MURPHY Director Senior Associate 646 933 2623 646 933 2639 [email protected] [email protected] BEN RECHLER WALTON AVENUE Associate 646 933 2657 [email protected] 2 B6 REAL ESTATE ADVISORS 1956 JEROME AVENUE & 1937 WALTON AVENUE 3 THE NEIGHBORHOOD PROPERTY INFORMATION TRANSPORTATION The subject property is an 9 minute train PROPERTY DETAILS 1956 JEROME AVE 1937 WALTON AVE TOTAL BURNSIDE AV ride from Manhattan and approximately 1.5 Block / 2 Minutes 1956 SHERMAN AVENUE & 25 minutes from Midtown. Block / Lot 2853 / 22 2853 / 32 -- 1937 WALTON AVENUE 4 Lot Dimensions 107' x 100' 75' x 100' -- 1956 Jerome Avenue and 1937 Walton Avenue are both conveniently located Lot SF 10,369 7,500 17,869 within a block and half of the 4 at B u rn sid e Avenue station, B , D at Tremont Avenue Zoning C4-4D / J R8 -- TREMONT AV station and the Metro North’s Tremont station is within close proximity. 3.5 Blocks / 4 Minutes DEVELOPMENT 145th STREET Multiple bus options are also available SELLER OWNED SITE 2 B D SITE 3 9 Minutes with Bx1 and Bx2 running along Grand DEVELOPMENT RIGHTS 1956 JEROME AVE 1937 WALTON AVE TOTAL Concourse. The Bx40 and Bx42 are 45,000 BSF “as of Right” A C B D Seller owned, will retain full ownership located at East Burnside Avenue, 6.02 (Free Market) - R8 Zoning FAR 7.2 (MIH) 6.02 (As-of-Right) -- providing access across the Bronx. Will allow transfer of air rights from Site 1 to Seller will need to retain 15 parking st Buildable SF 74,657 45,150 119,807 Site 2 if needed via zoning lot merger. 161 STREET – YANKEE STADIUM spaces for neighboring business By car, there are many different routes operation. 8 Minutes into Manhattan including the Washington 4 B D Heights Bridge, Alexander Hamilton Bridge, Macombs Dam Bridge, 145th 125th STREET Street Bridge, Madison Avenue Bridge, TAX INFORMATION 1956 JEROME AVE 1937 WALTON AVE TOTAL Third Avenue Bridge, Willis Avenue 15 Minutes Bridge and Robert F. Kennedy Bridge. Assessment (19/20) $1,007,480 $140,760 $1,148,240 The property is ideally situated in close 4 5 6 59th STREET - LEXINGTON AVENUE proximity to the Cross Bronx Expressway Tax Rate 10.537% 10.537% 10.537% 25 Minutes (Interstate 95), accessible within 0.5 mile of the property. RE Taxes (19/20) $106,158 $14,832 $120,990 4 5 6 N R W DEVELOPMENT The three major airports, LaGuardia SITE 1 (10.2mi), John F. Kennedy (17.9mi), and Newark (23.8mi) are located in the 59th STREET - COLUMBUS GROUP Site 1 – 75,000 BSF of IH 42nd STREET – GRAND CENTRAL immediate Metropolitan area. STATION DISTANCE FROM PROPERTY 20 Minutes 7.2 (MIH) FAR – C4-4D / J 31 Minutes (19 Minutes via Metro North) 1 A C B D Partial basement under corner restaurant, allowing 4 5 6 7 S TRAIN LINE STATION WALKING DISTANCE for maximum lot coverage. METRO NORTH 4 Burnside Avenue 1.5 Blocks / 2 Minutes B D Tremont Avenue - Grand Concourse 3.5 Blocks / 4 Minutes Metro North Tremont Avenue - Park Avenue 8 Blocks / 14 Minutes 34th STREET – HERALD SQUARE nd 42 STREET – BRYANT PARK 27 Minutes 25 Minutes B D F M N Q R W 7 B D F M PATH 4 B6 REAL ESTATE ADVISORS 1956 JEROME AVENUE & 1937 WALTON AVENUE 5 THE NEIGHBORHOOD SOUTH BRONX NOTABLE DEVELOPMENTS The South Bronx has attracted significant interest from investors/developers in recent times, due to it’s proximity to Manhattan, transport infrastructure and being New York’s last remaining affordable borough. Established developers such as Brookfield, L&M, Lightstone, Domain Companies and Heritage Equity Partners are commencing projects that will bring over 9.5m sq ft to the South Bronx. The 3 major re-zonings of the past 15 years have altered the landscape giving major developers and investors the vision for the future. JEROME AVENUE REZONING 2 The Jerome Avenue Rezoning was implemented in March 2018 to foster a vibrant mix of residential, commercial and facility uses along the 2-mile corridor. The primary focus of the Rezoning was to assist developers hit the affordable housing threshold set by Mayor De Blasio. With almost half a million sq ft under construction the area will mature within the next few years, with plenty of opportunity still available. Source: https://www1.nyc.gov/assets/planning/download/pdf/plans-studies/jerome-ave/landuse_map.pdf Under Construction 1 2400 JEROME AVE 46,390 sq ft five story School Developer - New York City 4 101 LINCOLN AVENUE & 2401 3RD AVENUE 355, 399 & 475 EXTERIOR STREET 2 2165 JEROME AVE Brookfield owns over 4 acres along the Bronx’s SHRWD with plans to build 1,300 housing units 30% of which Lightstone have ground leased a few parcels of land within the SHWRD with plans to build 2,000 units, 44,478 sq ft 9 story self-storage building will be designated as ‘income targeted’. The development has broken ground with an expected completion previously a vacant lot and bus depot. Developer - Tuck it Away of 2022. 3 1331 JEROME AVE 2 221,000 sq ft 15 story mixed use affordable housing Developer - Atlantic Development Group 4 1850 JEROME AVE 151,000 sq ft 11 Story mixed use affordable housing Developer - Cityscape Engineering PLLC Recent Trades 1 1331 JEROME AVE 3 $11.1m / $80BSF May 2018 | Atlantic Development Group 1 3 2 1665 JEROME AVE $3m / $150 BSF September 2019 | Paul Patel plans to build 13 story new hotel with 71 beds. 3 1299 JEROME AVE $5.4m / $75 BSF February 2019 | Owner Occupier AFH Holdings LLC BRONX POINT LA CENTRAL An L&M Partners development with plans to build Significant affordable housing development located by ‘The Hub’ and developed by Hudson Companies & Over 1 ,000 units as well as its own Hip Hop museum, public space for performance and an expected completion partners this scheme will provide 1,000 units and complete in 2020. date of 2022. 6 B6 REAL ESTATE ADVISORS 1956 JEROME AVENUE & 1937 WALTON AVENUE 7 NewNew construction construction under under NewNew MIH MIH construction construction BasicBasic Quality Quality MandatoryMandatory R8A R8AR8A regulations regulations underunder R8A R8A regulations regulations HousingHousing envelope envelope InclusionaryInclusionary R8A DUE DILIGENCE HousingHousing envelope envelope R8A R8A contextual districts are high are density high density ZONING INFORMATION contextual districts ZONING INFORMATION districtsdistricts designed designed to produce to produce Quality Quality HousingHousing buildings, buildings, which, which, with heights with heights of of COMMERCIAL DISTRICTS C4 (1956 JEROME AVENUE) roughly 12 to 14 stories, are higher than an New construction under New MIH construction Basic Quality Mandatory RESIDENTIAL DISTRICTS R8A (1956 JEROME AVENUE) C4 districts are mapped in regional commercial centers, such as Flushing in Queens and roughly 12 to 14 stories, are higher than an R8A contextual districts are high density districts designed to produce Quality Housing R8AR7A District, and with higher FAR than R8A regulations under R8A regulations Housing envelope Inclusionary the Hub in the Bronx, that are located outside of the central business districts. In these R7A District, and with higher FAR than buildings, which, with heights of roughly 12 to 14 stories, are higher than an R7A District, an R7X District allows. Contextual bulk Housing envelope areas, specialty and department stores, theaters and other commercial and office uses an R7X District allows. Contextual bulk and with higher FAR than an R7X District allows. Contextual bulk regulations ensure that serve a larger region and generate more traffic than neighborhood shopping areas. Use regulations ensure that buildings will either buildings will either preserve or establish a scale compatible with older, higher density regulationsR8A contextual ensure districts that buildings are high willdensity either Groups 5, 6, 8, 9, 10 and 12, which include most retail establishments, are permitted in C4 districtspreserve designed or establishto produce a scale Quality compatible buildings.