Ariel Property Advisors closes on $35M sale of Bronx development site

by

Ariel Property Advisors has arranged the $35 million sale of a development site at 138 Bruckner Boulevard in the Mott Haven neighborhood of the Bronx. The property was sold at $115 per buildable square foot by an Ariel team including Jason Gold, Director, Investment Sales; Victor Sozio, Executive Vice President, Investment Sales; and Daniel Mahfar, Director, Investment Sales.

138 Bruckner Boulevard is situated on a 50,000 square foot lot with over 305,000 buildable square feet in the rapidly appreciating South Bronx area. The location is a hotbed for investment in recent years for both public and private funding, with Mott Haven in particular seeing significant investment activity. The property will be home to a 480-unit luxury residential building with unobstructed water views.

“This transaction represents the rapidly expanding investment enthusiasm and confidence in the South Bronx,” said Gold. “This site will become a prominent new fixture of the Bronx skyline and the Mott Haven area, which has the potential for sustained growth in the near future.”

Mott Haven’s vibrant neighborhood, which is just steps away from restaurants, art, music and entertainment, is extremely attractive for modern renters seeking convenience, ease of transportation and an active lifestyle in the heart of it all. The property is located near riverfront walks, green spaces like Randall’s Island Park and numerous transit options for easy commuting access to Manhattan.

(Visited 1 times, 5 visits today)