NEW YORK, NY – May 11, 2021 – Ariel Property Advisors has announced $10.55 million in exclusive investment sales listings across two properties in the Bronx: 1027-1029 Westchester Avenue and 259 East 134th Street. The properties represent a diversified array of income-producing buildings across the residential, mixed use and commercial markets. The properties are being listed by an Ariel team including Jason Gold, Director, Investment Sales; Daniel Mahfar, Director, Investment Sales; Shimon Shkury, President; and Victor Sozio, Executive Vice President, Investment Sales.

“There has been a significant uptick in activity in the first quarter of 2021,” said Gold. “This trend is poised to continue throughout the year as investors are looking for more stable, cash-flowing opportunities.”

1027-1029 Westchester Avenue

With an asking price of $8.65 million, 1027-1029 Westchester Avenue is a mixed-use walk-up building located on the northwest corner of Westchester Avenue and Simpson Street in the Longwood neighborhood. The property is a six-story, 25,200-square foot corner building consisting of 33 spacious residential units and four retail units. The residential mix consists of one one-bedroom, 27 two-bedroom and five three-bedroom apartments. The commercial units are occupied by essential businesses, all of which share more than 100 feet of frontage on one of the most active commercial corridors in the Bronx.

The property benefits from a tax abatement until 2036 and current ownership has improved the property with more than $750,000 worth of renovations over the past two years. The building is conveniently situated directly in front of the 2 and 5 subway station providing easy access to Manhattan and the outer boroughs. Its prime location, steady cash flow and upside make this a standout investment as both a mixed-use and multifamily opportunity.

259 East 134th Street

259 East 134th Street is a multi-story commercial property located between 3rd Avenue and Lincoln Avenue in Mott Haven. Listed at $1.9 million, the 4,575-square foot, two-story property is currently situated in an Opportunity Zone with zoning that allows for a variety of end-uses, including conversion to residential. The ground floor space will be delivered vacant, presenting significant upside for investors.

The property is conveniently located in the heart of the South Bronx with proximity to The Arches, Brookfield’s ongoing 1.2 million-square foot development project; The Bruckner Building, a state-of-the-art office building; and many other developments underway. Within the next several years, this submarket will be home to approximately 15,000 market-rate residential units, providing a rapidly growing retail and office occupier base near the 4,5,6 subway trains.

“These diversified assets exemplify the broad range of opportunities available for increasingly active property investors,” said Mahfar. “Properties in prime locations near transportation, commercial corridors and leisure attractions are of particular interest for a rapidly growing Bronx residential market.“