MELROSE- LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451 PRIME LOCATION! REMARKABLE PROPERTY WITH TONS OF POTENTIAL!
WWW.BONDNEWYORK.COM LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451
EXECUTIVE SUMMARY
BOND New York has been retained on an exclusive basis to arrange for the sale of 407- 409 East 158th Street, in Bronx, New York, a 50’ x 100’ empty lot located on the north side of 158th Street between Elton Avenue and Melrose Avenue, in the Melrose neighborhood of the South Bronx.
407- 409 East 158th Street is zoned R8 with C1-4 overlay and can support 34,094 residential sf. The land is being sold with architecture plans for a 12 story building with 44 units. Proposed development is 70% market rate and 30% affordable housing structure using 421a tax abatement. Zoning analysis, survey, and Phase 2 included in sale.
Melrose is an up-and-coming multi-cultural and vibrant neighborhood north of Mott Haven that has had record levels of investment and new development over the last 10 years. Great transportation and access to Manhattan make this area a strong long-term investment. New cultural centers, green spaces, and recreational areas make the area attractive for variety of new housing - luxury, market-rate and affordable.
ASKING PRICE: $2,400,000
WWW.BONDNEWYORK.COM LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451
LAND FEATURES: LAND FEATURES Address 407-409 East 158th Street Block 2380 Lot 0035, 0036 Lot Dimensions 50' x 100' (irregular) Lot Size 5,000 SF (approx.) Zoning C1-4, R8, R7-2 Residential FAR* 6.8 Total Buildable Residential SF 34,132 Assessment (20/21) $13,708 Taxes (20/21) $2,902
* Zoning Analysis Available
TAX LOT: Melrose Avenue
158th Street
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PRIME LOCATION * REMARKABLE PROPERTY * TONS OF POTENTIAL * IN UP-AND-COMING AREA
PROPERTY FEATURES: • Unique Development offering North/South/East/West Open Views, Light, Air • Short commute to midtown Manhattan • 421 A eligible • Near Starbucks and great food shopping • Indoor car parking across the street • Near baseball field, community garden and new playground • Bx41 bus stop and Citibike station on corner • Walking distance to Yankee Stadium and Bronx Museum of Arts
INCLUDED IN PURCHASE: • Architectural plans for 44-unit residential building • Land Survey • Phase 2 Environmental • Zoning Analysis
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• LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451
SURVEY:
WWW.BONDNEWYORK.COM LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451
PROJECTED RENTS (8 STORY BUILDING)
# of Rent per Monthly Type Annual Income Units unit Income Studios 8 $1,450 $11,600 $139,200 1 Bedroom 24 $1,750 $42,000 $504,000 2 Bedroom 8 $1,950 $15,600 $187,200 TOTAL: 40 $69,200 $830,400
PROJECTED RENTS (9 STORY BUILDING)
Monthly Annual Type Size # of Units Rent per unit Income Income Studio 400 sf 9 $1,500 $13,500 $162,000 1 bedroom 580-600 sf 26 $1,750 $45,500 $546,000 2 bedroom 720-750 sf 9 $2,000 $18,000 $216,000 TOTAL: 44 $77,000 $924,000
PROJECTED RENTS (12 STORY BUILDING)
Monthly Type # of Units Rent per unit Annual Income Income Studio 12 $1,500 $18,000 $216,000 1 bedroom 22 $1,750 $38,500 $462,000 2 bedroom 11 $1,850 $20,350 $244,200 TOTAL: 45 $76,850 $922,200
SF PPSF Annual Income 2 Community Facility 1850 $20.00 $37,000 1850 $20.00 $37,000 SUBTOTAL: $74,000
TOTAL: $996,200
WWW.BONDNEWYORK.COM LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451
RENDERINGS
WWW.BONDNEWYORK.COM LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451
NOTABLE RESIDENTIAL DEVELOPMENTS
JOINERY 225 East 138th Street, The Bronx, NY 10451
Mott Haven’s newest luxurious condominium development located in the cutting- edge section of the Bronx. Newly constructed state-of-the-art building where the urban and suburban mesh flawlessly.
BRONX POINT - HARLEM RIVER WATERFRONT (North of the 145th Street bridge)
A transformative 530,000 sf development conceived as a civic and cultural hub. Upon completion this development will include up to 1045 apartments, more than 56,000 square feet of educational and community space including a new permanent location for the The Universal Hip-Hop Museum, the nation’s first brick and mortar museum dedicated to Hip-Hop and more than 12,000 square feet of dynamic retail spaces and engaging new open space adjoining the Harlem River waterfront in the South Bronx. Bronx Point’s features include a public plaza, a fitness area with exercise structures to engage the visitors in active lifestyles, lawn areas, a playground, waterfront lookouts, an extended BBQ area, gathering spaces, bike/ running/walking path extensions, and publicly-accessible bathrooms. Open spaces will be planted with native vegetation. comes with a fireplace, a pool table, and a kitchen, among others.
BANKSIDE 2401 Third Avenue & 101 Lincoln Avenue
4.3-acre mixed-use development that will bring more than 1,350 apartments to the South Bronx neighborhood, of which 30 percent will be affordable. Branded as Bankside, the project will also include a public waterfront park and promenade, as well as ground-floor retail and community facility spaces. Spearheaded by Brookfield Properties.
WWW.BONDNEWYORK.COM LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451
THE CRESCENDO
25 Bruckner Boulevard
A two-building rental development in Mott Haven, calling itself “The Crescendo,” is composed of “the Staccato” and “The Legato” a mix of studios, one bedrooms, and two-bedrooms. To create unity between the buildings both are named after piano rhythms and feature sharable community amenities. The Karl Fischer-designed building also features a host of amenities including a swimming pool, a steam room & sauna, a rooftop barbecue grill and tanning area, and a recreation room
UNION CROSSING
825 East 141st Street
Full scale renovation of century-old industrial building to complement the new housing and eateries springing up across Mott Haven and Port Morris. Mixed Use center with light manufacturing, office and retail use, Prospective tenants include creative firms, non-profits, makers, and other light industrial and amenity retail uses. The 6 train Cypress Avenue stop is about 3 blocks away.
MOTT HAVEN
2490 Third Avenue
Mott Haven offers some of the most unique and creative culinary experiences: from artisan bakeries, mouthwatering sushi to ice cold local tap brew and thin crust brick oven pizza. All of this at just one stop from Manhattan with the nearby 4, 5, and 6 trains.
PIER 132 789 East 132nd Street
An exclusive warehouse/loft style event space in South Bronx located 5 minutes outside Manhattan. A rustic and elegant lounge for personal and professional events.
WWW.BONDNEWYORK.COM LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451
THE NEIGHBORHOOD
The South Bronx has been a hotbed for investment over the last ten years and has gone through many exciting changes during that time. The South Bronx (Sobro) is booming with private and public investments in residential developments, cultural facilities, retail and other sectors, laying the ground work for a vibrant, new and walkable neighborhood.
In 2019, Melrose, South Bronx was listed as one of NYC’s “hottest neighborhoods” by Localize.city. Since 2000, over 6,000 units of housing have been constructed and there is increasing need and rising prices as people discover the borough. Melrose’s transportation and proximity to Manhattan, and the ongoing investments in new residential developments, infrastructure and cultural amenities, make it a unique up-in- coming area and great investment opportunity.
In 2018, Bronx had over 2.05 billion in investment sales, with over half being in the South Bronx. Notable institutional investors include the Jamestown Group, Brookfield Properties, Hornig Capital Partners, the Chetrit Group, Somerset Partners and Savanna. In 2019, Melrose was the recipient of a competitive $10 million grant from the New York State Downtown Revitalization Initiative (DRI). Governor Cuomo launched the DRI initiative to improve the vitality of urban centers across New York State after recognizing that companies are increasingly seeking to relocate and invest in vibrant, walkable downtowns in their goal to attract and retain a talented workforce.
The influx of capital into Melrose has made the neighborhood a higher demand area for investors looking to capitalize on the massive developments of the bigger players who have been progressively re-positioning the whole borough.
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The Hub is a major commercial center for the South Bronx. The Hub is located at intersection of 4 streets: Melrose and LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451
HUB
The Hub is a major commercial center for the South Bronx. The Hub is located at intersection of 4 streets: Melrose and Willis avenues, 149th street and 3rd Avenue. The Hub has also been called “the Broadway of the Bronx” and is a primary shopping district for Bronx residents. HUB tenants include major banks (Chase, TD bank, Santander, Apple Bank, Citibank, Capital One), Starbucks, clothing stores, co-working spaces, small businesses and a new liquor store. This commercial area is surrounded by smaller, quieter streets, which are perfect for residential living.
The subway station at 149th and 3rd Ave has the #2 and #5 express trains going to east and west side of Manhattan. The commute into midtown Manhattan (42nd Street) is 20 minutes on the #5 train. The express #2 train takes 35 minutes to get to Chelsea. The BX 19 and Bx 15 buses go to Harlem.
The Metro North Melrose Station at 162nd Street and Cortland goes to Grand Central Station in just two stops and 16 minutes. There are Citibike stations throughout Melrose, and a new 20 bike Citibike station is located across the street from the land at 407- 409 East 158th street.
There is also a bus stop for the B41 bus across the street from the land at 407-409 East 158th Street going to subway at the Hub.
WWW.BONDNEWYORK.COM LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451
SHOPPING
Multiple department stores, supermarkets, restaurants, fruit markets, clothing stores and small neighborhood businesses are located throughout Melrose.
The Bronx Terminal Market is a suburban-style mall at 610 Exterior Street with a Home Depot, BJs Wholesale Club, Marshall’s, Target, Best Buy, Chuck E Cheese and Applebees Grill and Bar.
The storied New Fulton Fish Market and Flower Market in Hunts Point are available for wholesale and some retail purchases.
WWW.BONDNEWYORK.COM LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451
BOROUGH HIGHLIGHTS Melrose is home to multiple cultural centers including The Bronx Museum of Arts, Bronx Documentary Center, Bronx Children’s Museum, the Universal Hip Hop Museum, Pregones Theater, BADD! (Bronx Academy of Arts and Dance), and the upcoming Bronx Heritage Music Center to name a few. These cultural centers strengthen the neighborhood’s value for local residents, children and seniors. Waterfront amenities in Mott Haven include an extensive public waterfront park at the foot of the Third Avenue Bridge and possible soccer stadium.
THE BRONX MUSEUM OF THE ARTS 1040 Grand Concourse at 165th Street
The Bronx Museum of the Arts is an internationally recognized cultural destination that presents innovative contemporary art exhibitions and education programs, in walking distance from the lot.
BRONX MUSIC HERITAGE CENTER | BRONX COMMONS 443 East 162nd Street
Created to support and promote the musical history and heritage of the Bronx, the space will include a rehearsal and recording studio, a flexible performance space with approximately 250 seats for live music performance, film screenings, readings, educational arts programs, public exhibition space, community arts workshops, digital archives, and more.
NEW YMCA | LA CENTRAL 430 Westchester Avenue (at 150th Street)
This 50,000 sf YWCA will feature fitness and wellness centers, steam rooms, saunas, swimming pools, basketball courts, and tons of recreational programming for all ages and abilities. La Central will include BronxNet Television Studios and an astronomy lab on the rooftop that will be run by Bronx High School of Science.
BRONX DOCUMENTARY CENTER 151st Street and Cortland Avenue
The Bronx Documentary Center (BDC) is a non-profit gallery and educational space founded by a former New York Times photojournalist. Through exhibitions, screenings, and public programming, BDC shows the work of internationally- renowned and emerging photographers and filmmakers who are dealing with the themes of justice, education, community-building, and positive social change.
WWW.BONDNEWYORK.COM LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451
HISTORIC POST OFFICE RENOVATION 558 Grand Concourse (at 149th street)
The block-long and landmarked General Post Office building is being transformed into a mixed-use development similar to Chelsea Market. Ground level retail, restaurants, office space, and a rooftop restaurant are being planned as a community hub, including 40 valet parking spots
OPERA HOTEL 436 East 149th Street
A boutique hotel located in the The Bronx Opera House, a former theatre built in 1913 and part of the Subway Circuit. Performers at the theatre included the Marx Brothers, George Burns, Gracie Allen, Julia Marlowe, Ethel Barrymore and Lionel Barrymore, David Warfield. George M. Cohan, Eddie Cantor, John Bunny, Harry Houdini, Peggy Wood and Fats Waller also performed.. The Opera Hotel is the first of several boutique hotels which have opened or are being constructed in the Bronx
NOTABLE ATTRACTIONS
YANKEE STADIUM BRONX BOTANICAL GARDENS ARTHUR AVENUE YANKEE STADIUM BRONX BOTANICAL GARDENS ARTHUR AVENUE
CITY ISLAND ORCHARD BEACH WAVE HILL
CITY ISLAND ORCHARD BEACH WAVE HILL
WWW.BONDNEWYORK.COM LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451
For more information, please contact:
Susie Pintucci Michele Gambetta Licensed Real Estate Salesperson Licensed Associate Real Estate Broker
BOND Real Estate BOND Real Estate 324 East 86th Street 1677 Amsterdam Avenue New York, NY, 10028 New York, NY 10031
Phone: 646-331-5521 Phone: 646-245-9801 [email protected] [email protected]
© 2020 BOND New York. All material presented herein is intended for information purposes only. While information is believed to be correct, it is represented subject to errors, omissions, changes, or withdrawals without notice. All property information, including but not limited to, square footage and number of bedrooms, is approximate. Exact measurements should be verified by your own attorney, architect, engineer, or zoning expert. BOND New York is a broker that supports WWW.BONDNEWYORK.COMEqual Housing Opportunity.