The sale of a south Bronx waterfront site is continuing a new development trend.
According to published reports, 101 Lincoln Avenue, located between Bruckner Boulevard and East 132nd Street, right next to the Third Avenue Bridge, was recently purchased .
The 133,000 square-foot property, currently the location of a one-story warehouse and a large parking lot currently used by Oz Moving, was purchased by Manhattan-based real estate firm The Chetrit Group for $32 million.
Haven Heights Group was the selling agent.
According to published reports, The Chetrit Group can build up to 800,000 square feet on the mixed-use lot.
Located within two blocks of the Clock Tower building, 101 Lincoln Avenue’s waterfront location is just one subway stop away from Manhattan on the IRT 6 train, with other means of transportation in the area also available.
The property is in an R-8 zone, which means that there are no height restrictions, although it must contain adequate open space,
The sale of the property, which includes over 500 feet of water frontage along the Harlem River, follows another recent south Bronx deal – the reported purchase of an eight-story, 175,000 square-foot office building at 2417 Third Avenue by Horniq Capital Partners.
“The great view of Manhattan and the proximity to Manhattan without Manhattan’s high priced rent is what makes this location special,” said Sid Miller, owner of the Haven Heights Group, a real estate company that has specialized in south Bronx real estate for 25 years. “This site’s location can stand as an example that people do not have to live in Manhattan to get a great view of it.”
Miller also believes that the land currently being developed, as well as neighboring parcels, will be way more valuable in the near future – stating that the “south Bronx will soon blossom.”
“I believe that this was a win win for both sides,” said Sid Miller. “Both the buyer and the seller are happy, and that has always been Haven Heights Group’s primary goal.”
The Chetrit Group and Community Board 1 were not available for comment.