Undercliff Avenue, The Bronx, NY, USA

South Bronx, New York

Google Map

Total Square Feet

28,413 SF (approx.)

Asking Price

$9,000,000 | Bid Deadline of October 31st

Block / Lot

2533 / 72

Zoning

R7-1

Property Type

Land (V0)

City of Yes Housing Opportunity
• Potential to build up to 842,091 SF
• Benefits from increased floor area, building height and bulk allowances, and reduced parking requirements
Location
• Located in the Highbridge neighborhood of the South Bronx
• I-87 (Major Deegan Expressway)~3-minutes drive
• I-95 (Cross-Bronx Expressway) ~5-minutes drive
• 4, B, D subway lines & Bx11, Bx13, Bx18 bus lines within walking distance
• Less than 25 minutes to Midtown Manhattan
Neighborhood Developments
• Recent surge in residential development, driven by city policy, strong demand for affordable housing, and institutional investment
• Nearby substantial affordable housing projects along the Jerome Avenue corridor, one of NYC’s most active affordable and mixed-income development zones
Tax Benefits
• Opportunity to leverage 485-x Property Tax Abatement and Low-Income Housing Tax Credits (LIHTC) when incorporating affordable housing components
• Located in a Qualified Opportunity Zone
• Environmental Zone (En- Zone) makes it a great candidate for consideration for New York’s Brownfield Cleanup Program (the BCP)
Comprehensive Due Diligence
• Pre-development materials available including:
• Surveys
• Zoning & Massing Studies with City of Yes scenarios
• Environmental Reports
• Geotechnical Studies