NEW YORK, NY – August 29, 2012 – Ariel Property Advisors has been retained as the exclusive agent to market a development site at 62-66 Willis Avenue in the Port Morris/Mott Haven section of the Bronx. The asking price is $4.75 million.

While current ownership has plans in place for a three-tower development project with 218 residential units, the as of right total buildable square feet is approximately 147,000 for commercial development and 162,000 for residential development. In addition, for quality housing, the total buildable potential would be 193,000.

“This particular property is zoned for a variety of end users, including residential, retail, mixed-use and industrial,” said Scot Hirschfield, vice president of Ariel Property Advisors. “The site’s location and size offers developers an opportunity to gain a foothold in one of New York City’s most rapidly changing neighborhoods.”

The 30,000 square foot lot lies within the Port Morris Special Mixed-Use District, a five-block area along Bruckner Boulevard which has successfully reinvented itself as a dynamic neighborhood with emerging businesses, revitalized residential and retail spaces, as well as new development projects.

The property is adjacent to the Willis Avenue Bridge and within walking distance to the planned Randall’s Island Connector, a quarter-mile, landscaped pathway for pedestrians and bicyclists that will connect a rail yard in Port Morris with 400 scenic acres of Randall’s Island.