NEW YORK CITY – Ariel Property Advisors has arranged the $22.75 million sale of a 23,339 square foot retail assemblage spanning an entire block front at 1031-1049 Westchester Avenue & 1057 Southern Boulevard in the Morrisania neighborhood of the Bronx.
An Ariel team of Jason M. Gold, Director, Investment Sales; Victor Sozio, Founding Partner; and Daniel Mahfar, Director, Investment Sales, brokered the transaction on behalf of the buyer, and a Cushman & Wakefield team of Josh Neustadter, Senior Associate, and Jonathan Squires, Director, brokered the transaction on behalf of the seller.
“This retail block has over 350 feet of prime frontage on one of the busiest intersections in the entire Bronx,” Gold said. “Anchored by Chase on the corner of Westchester Avenue and Southern Boulevard, the assemblage also includes multiple ground floor retail tenants as well as a nonprofit office tenant on the 2nd and 3rd floor of 1057 Southern Blvd.”
In addition to income generated from the existing tenants, R7-1/C1-4 zoning allows for an additional 50,861 square feet of air rights, or 74,200 BSF as of right, providing an opportunity for future development in one of the most rapidly appreciating areas of the Bronx.
Located directly under the entrance of the 2 and 5 subway station on Simpson Street and near several bus stops within a block, 1031-1049 Westchester Avenue & 1057 Southern Boulevard provides superior accessibility to Manhattan and the outer boroughs.
About Ariel Property Advisors
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. arielpa.nyc
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