NEW YORK, NY – April 25, 2017 – Ariel Property Advisors has facilitated the sale of 3188-3192 Villa Avenue, a residentially zoned development site in the Bedford Park section of The Bronx. The property sold for $1.465 million.

The 50’ wide vacant lot is located on the east side of Villa Avenue between Van Cortlandt Avenue East and East 205th Street, one of the most desirable areas of the North Bronx. The property is located in the historic section of Bedford Park between Jerome Avenue and Grand Concourse, an area known for its striking villa-style residences.

Zoned R8, the property permits for 36,644 buildable square feet as-of-right and 39,566 buildable square feet if community facility use is incorporated.

Exclusive agents Marko Agbaba, Jason M. Gold, Michael A. Tortorici and Christopher Gillis represented the seller and procured the buyer.

“With its size, attractive zoning and coveted location, this development site is a rare opportunity, offering the investor the ability to quickly capitalize on Bedford Park’s thriving residential market,” said Marko Agbaba, Director at Ariel Property Advisors.

The property is strategically located near several cultural and educational centers, including Lehman College, The Bronx High School of Science, and the Williamsburg Oval Recreation Center. It is also in close proximity to Van Cortlandt Park.

Additionally, the asset enjoys favorable commuting options as it is only a few blocks from the 4 train at Mosholu Parkway and the B and D subway lines at Bedford Park Boulevard-Grand Concourse, providing immediate access to the New York Metropolitan area.