NEW YORK, NY – April 7, 2026 – Ariel Property Advisors (Ariel) has been retained to market 521 City Island Avenue on City Island in the Bronx, a rare waterfront development site ideal for a large-scale residential complex and marina. The asking price is $10.5 million.

The offer is being handled by an Ariel team led by Daniel Mahfar, Director Investment Sales; Jason M. Gold, Senior Director; Michael A. Tortorici, Founding Partner; and Erik Moloney, Investment Sales Associate.

The 2.75-acre property features 278.72’ of frontage along City Island Avenue and up to 120,042 BSF for a diverse array of development options—a residential complex, community facility, commercial maritime operation, or mixed-use project.

The site also offers the opportunity to leverage 149,928 SF of land under water to create a ~120-slip configuration, allowing for a significant value-add waterfront destination or private residential boat club. The current cash-flowing marina with approximately 80 boat slips generates roughly $392,000 in annual gross income.

“City Island is one of New York City’s most unique waterfront communities, offering a combination of coastal lifestyle and proximity to the Bronx and Manhattan,” said Mahfar. “Opportunities of this scale are exceptionally rare, particularly those that combine a large waterfront development site with an existing income-producing marina.”

Most of the island’s housing stock consists of single-family homes but there are some waterfront condo communities including On the Sound, Windward Lane, 190 Schofield Street Condos, and the Boatyard Condominium. The average condo sell-out price is $650,000, or $450/SF.

In addition to housing, City Island is known for its New England fishing village vibe, maritime heritage, yacht clubs, and popular waterfront dining along the island’s main commercial corridor. The property at 521 City Island Avenue is located minutes from Pelham Bay Park and Orchard Beach and is accessible via the Bx29 bus connecting to the 6 subway line at Pelham Bay Park.