Ariel Property Advisors sells Bronx property for $2.8 million

Bronx, NY Ariel Property Advisors completed the sale of 305 East 182^nd St. The four-story, 36,000 s/f parking facility in the Fordham Heights neighborhood was sold for $2.8 million. Ariel’s team of Jason Gold, vice president, investment sales, Marko Agbaba, director, investment sales, and Michael Tortorici, executive vice president, investment sales, represented the seller. 

The property, located on the north side of 182nd Street between Tiebout Avenue and Webster Avenue, consists of 240 parking spots and has a split zoning designation for C8-3 and R7-1, which allows for approximately 35,000 buildable s/f of commercial space and 17,000 buildable s/f of residential space. Currently, nearly half of the 240 parking spots are rented out on a monthly basis, while an additional 35 spots are rented overnight or daily by educators at nearby schools. Under the previous owner, gross rent was $378,000 per year.

“The Bronx continues to be an active market for commercial sales, particularly as the borough also increasingly becomes popular for residential and office space,” said Gold. “This asset in particular offers a number of opportunities to increase revenue and add value.”