40 Bruckner Blvd parcel for sale, could lead to further residential development in area

A large real estate offering on Bruckner Boulevard between the Third Avenue and Willis Avenue bridges will likely lead to even more residential development at the southernmost tip of the Bronx.

On Thursday, January 5, real estate brokerage Massey Knakal announced it is the exclusive selling agent for the development site at 40 Bruckner Boulevard. It is asking $8.95 million for the parcel, which includes up to 289,807 square feet. So far no deals are imminent, but a representative from the firm said potential buyers have expressed interest in affordable housing and ground-level retail.

The site is part of a swatch of land along the Harlem River that was rezoned from industrial use to allow for residential construction within the past 15 years. Many of the rezoned areas are already home to high-rise apartment buildings.

Cedric Lofton, district manager of Community Board 1, wants more of the same.

“We think it’s a great site,” he said. “We’d like to see it for mixed income. There’s definitely a need for it over there. It would compliment (already built-development) Bruckner By the Bridge. Hopefully it can be attractive to someone to make it a mixed income. You can’t have just one type of income level there. Mixed income is good for the district.”

A developer would be allowed more buildable space if they decide to set part of a potential residential building aside as affordable housing, per zoning regulations.

Lofton also expressed hope that a developer would create space for ground-level commercial and retail.

“We’d like to see more businesses, more shopping, more development, more retail space and diversity.”

Nick Burns, the broker handling the sale for Massey Knakal, said Lofton “hit it on the head,” with his wish list for the space.

“There’s quite a few people looking at it already,” Burns said. “Residential, mixed use, affordable housing developers. There’s been some interest on the commercial end as well.”

Burns did not disclose the current owner of the property. He described the site as a “hodgepodge of commercial structures and industrial structures,” currently on the land, but said that to the best of his knowledge all leases are set to expire in the near future, so the parcel can be delivered vacant.

“City planning’s vision is to create a gateway to the Bronx,” Burns said. “They want to have a 24/7 vibrant community. And as far as I know, this is the largest site that’s on the market in the area.”

Bill Weisbrod can be reached via e-mail at wweisbrod@cnglocal.com or by phone at (718) 742-3394. Follow him on Twitter @bweisbrod

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