Ariel Property Advisors (Ariel) arranged the sale of 36 Bruckner Boulevard, a corner development site in the Mott Haven neighborhood of the South Bronx, for $9.85 million, or $131 per buildable square foot (BSF).
The Ariel team, led by Senior Director Jason M. Gold and Associate Director Gabriel Eliyazadeh, represented the seller, Yates Restoration, which has owned the property since 1982.
Located at the southwest corner of Bruckner Boulevard and Alexander Street, the property will offer 75,250 BSF and bring 99 residential units and commercial space to a rapidly expanding market. This site was developed under the 485x tax abatement program and provides a significant opportunity for affordable housing in the area.
“This sale marks an important step in Mott Haven’s ongoing transformation, and developers recognize the potential of this dynamic neighborhood,” said Gold. “The 485x program further strengthens the project’s viability and community appeal. Similarly, its corner location provides excellent access to transportation, retail, and the South Bronx’s growing housing market. Masu.”
The South Bronx, and Mott Haven in particular, has experienced a resurgence in recent years, attracting the attention of investors and developers due to its proximity to Manhattan, improved infrastructure, and vibrant cultural scene. New developments are positioned to benefit from this momentum, offering both residential and commercial opportunities in a thriving market.
For more information on the Bronx investment sales market, see Ariel Property Advisors’ Bronx 2024 Mid-Term Commercial Real Estate Trends Report and 2024 Q2 Multifamily Neighborhood Review New York City.
