X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-A 133,700-sf sprawling waterfront development site in the Port Morris section of the Bronx is on the block with an asking price of $43.5 million. A source familiar with the deal tells GlobeSt.com that the seller is Gerosa Inc., a privately owned corporation.

Massey Knakal Realty Services has been retained to sell the 101 Lincoln Ave. property. The source explains that the seller owned and occupied the building for decades, “but in recent years relocated the business and rented the property.”

The building consists of an L-shaped warehouse building with a connected two-story office building. The site is located between the Harlem River, Lincoln Avenue, the Third Avenue Bridge and Bruckner Boulevard.

Zoning for the property allows for residential, commercial and manufacturing development. Depending on the use, the buildable square footage ranges from 670,000 to 870,000 buildable sf. Seller financing is available.

The source explains that the property is priced competitively compared to other large development sites that have sold in the Bronx. The source further notes that the property has been on the market for one week and there has been “rapid interest.”

“This site would be perfect for mixed development with potential retail, hotel and residential use,” says Massey Knakal partner and managing director Thomas Donovan, the exclusive agent on the sale along with broker David Simone. “It’s close to transportation, literally at the foot of the Third Avenue Bridge.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.