NEW YORK, NY – April 4, 2018 – Ariel Property Advisors has been exclusively retained to sell 1408 Cromwell Avenue, a new development site situated along the recently rezoned Jerome Avenue district in The Bronx. The asking price for the block-through property is $3.5 million.

The vacant lot is located between Cromwell and Inwood Avenue, just off the corner of West 170th Street in the Mount Eden section of The Bronx. Passed by City Council a few weeks ago, the rezoning of the Jerome Avenue district aims to bring more residential units, specifically affordable housing, to an area that is mostly known for commercial and industrial use.

Exclusive agents Jason M. Gold, Michael A. Tortorici and Daniel Mahfar are representing the owner.

The development site was rezoned from C8-3 to R8-A (Floor-Area-Ratio: 7.2 with inclusionary housing), providing 62,417 buildable square feet, as-of-right. Jerome Avenue is one of several rezonings made under New York City Mayor Bill de Blasio, who aims to identify future community needs and support growth in the area.

“The rezoning should kickstart a tremendous amount of development for Mandatory Inclusionary Housing (MIH) within this up-and-coming sub-market in The Bronx,” said Jason M. Gold, Director at Ariel Property Advisors. “We are excited to see how this rezoning will bolster Mayor de Blasio’s affordable housing initiative.”

Properties benefitting from the rezoning are subject to an MIH provision that requires either 25% of the residential FAR at 60% of Area Media Income (AMI) or 20% of residential FAR at 40% of AMI.

The development site boasts close proximity to an array of amenities and institutions, including the recently renovated Highbridge Park, Bronx Lebanon Hospital, Yankee Stadium, as well as the West Bronx Recreation Center. With the 4, B and D subway lines located just around the corner, residents in the neighborhood also enjoy immediate access to Manhattan and the outer-boroughs.