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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.”

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