Bronx Property With J-51 Tax Abatement Comes to Market
In the Woodstock neighborhood of the Bronx, a 22,230-square-foot, six-story, 28-unit mixed-use apartment building at 800 East 160th St. has come to market. Cushman & Wakefield is marketing the building, which operates under a J-51 tax abatement with 11 years remaining.
NEW YORK CITY- In the Woodstock neighborhood of the Bronx, a 22,230-square-foot, six-story, 28-unit mixed-use apartment building at 800 East 160th St. has come to market. Situated on the southwest corner of East 160th Street and Union Avenue, the building features 26 residential units and two commercial units. Cushman & Wakefield is marketing the asset that operates under a J-51 tax abatement.
“This property operates under a J-51 tax abatement with 11 years remaining, which would provide investors the opportunity to acquire a property that would be tax-free for the next seven years,” said Josh Neustadter of Cushman & Wakefield in a prepared statement. “Additionally, 800 East 160th Street’s location and return on investment at the price it is being offered makes it a highly attractive asset,” added Jonathan Squires of Cushman & Wakefield in a prepared statement.
The six-level property has a mix of one-bedroom, two-bedroom and three-bedroom layouts. Its two commercial units currently consist of two churches. The building holds R6 zoning and ownership has recently added a new wirelessly-controlled gas boiler and has made multiple renovations to the residential units.
Walking distance from the property is the Prospect Avenue Subway Station accessible to the 2 and 5 trains. Manhattan’s Grand Central Terminal is an estimated 30 minutes away from where neighboring Tri-State areas can be traveled to via Metro-North. The property is minutes away from the Westchester Avenue retail corridor, which features many national household brands that include Dunkin Donuts, Rite Aid and Dollar Tree.