ABS Partners to Market Bronx Opportunity Zone Site
The firm will lead advisory efforts for the 250,000-SF development site in the Mott Haven neighborhood.
NEW YORK – ABS Partners Real Estate has been retained to lead marketing efforts for 40 Bruckner Boulevard, an Opportunity Zone development site in the South Bronx. The firm will advise the property owners, a long-term family partnership, and assist with monetizing the asset by identifying a developer and structuring a long-term ground lease.
The 250,000-square-foot site, located in the Mott Haven neighborhood of the South Bronx, consists of several low-rise, currently vacant buildings. The site offers flexible zoning, allowing for residential, commercial, industrial or community facility use, and is serviced by the 2, 4, 5 and 6 trains.
ABS Partners Real Estate plans to utilize the property’s Opportunity Zone tax advantages to attract partners.
ABS Partners managing director, Alex Kaskel, partner, Randy Modell and associate, Ryan Cerqueira are leading the advisory efforts for the site.
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The active neighborhood of the South Bronx currently has numerous, notable projects that have been proposed and/or are under-development.
Brookfield Properties recently purchased a 1.4-million-square-foot site, with plans to build a waterfront park, promenade and 1,300 housing units. Lightstone Group bought a land parcel in the area earlier this year, planning to build a 2,000-unit residential development. Additionally, Somerset Partners and the New York City Football Club have submitted a development proposal for New York City’s first soccer stadium, 550 affordable apartments, a 25,000-square-foot medical facility, 150,000 square feet of retail and a 85,000-square-foot park in the neighborhood.
ABS Partners Real Estate is a New York City-based real estate firm, which focuses on owning, managing and developing real estate, while providing value-add services in leasing, investment sales, property management, construction management and advisory.