Ariel Property Advisors closes on Bronx development site sale for $5 million

Jason Gold, Ariel Property Advisors

Scot Hirschfield, Ariel Property Advisors

Marko Agbaba, Ariel Property Advisors

Victor Sozio, Ariel Property Advisors

Bronx, NY Ariel Property Advisors has closed on the sale of 417 Gerard Ave., a development site in the Mott Haven neighborhood. The 9,816 s/f site is located on the southeast corner of Gerard Ave. and 146^th St. M1-4/R8A zoning provides 49,680 buildable s/f as-of-right. The development site sold for $5 million, which translates to $100 per buildable s/f.

Exclusive agents Jason Gold, Scot Hirschfield, Marko Agbaba, and Victor Sozio represented the seller, Galaxy General Contracting, and procured the buyer, Treetop Development LLC.

“With several new developments in the immediate area’s pipeline, 417 Gerard Avenue will play an integral role in the transformation of the Special Harlem River Waterfront District where the city is expecting to add several thousand residential units in the near future,” said Gold, vice president at Ariel.

The site is located near the 2, 4 and 5 subway lines at 149th Street as well as the Major Deegan Expressway.

417 Gerard Avenue - Bronx, NY

Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.