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Melrose- Land for Sale 407-409 East 158Th Street - Bronx Ny 10451 Prime Location! Remarkable Property with Tons of Potential!

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Melrose- Land for Sale 407-409 East 158Th Street - Bronx Ny 10451 Prime Location! Remarkable Property with Tons of Potential! 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 WWW.BONDNEWYORK.COM LAND FOR SALE 407-409 EAST 158TH STREET - BRONX NY 10451 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 WWW.BONDNEWYORK.COM • 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. WWW.BONDNEWYORK.COM 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.
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