NEW YORK, NY – September 13, 2018 – Ariel Property Advisors has facilitated the sale of 1408 Cromwell Avenue, one of the first development sites sold after the recent rezoning of the Jerome Avenue District in The Bronx. The block-through property sold for $3.4 million.

The vacant lot is situated in an area that is mostly known for commercial and industrial use, but the neighborhood just received a major zoning overhaul under Mayor de Blasio’s affordable housing plan, the first of its kind in The Bronx. The rezoning covers about 92 blocks across 2 miles, from 165th Street to 184th Street, and is expected to generate roughly 4,600 new units of housing.

The development site was rezoned from C8-3 to R8A (FAR: 7.2 with inclusionary housing) providing 62,417 buildable square feet, as-of-right.

Exclusive agents Jason M. Gold, Michael A. Tortorici and Daniel Mahfar represented the seller and procured the buyer.

“Offering scale and a great location, this site saw a major influx of interest in the immediate aftermath of the rezoning and heavy demand prompted a relatively swift sale,” said Jason M. Gold, a Director at Ariel Property Advisors.

The property is within one mile of the newly renovated Highbridge Park, Bronx Lebanon Hospital, Yankee Stadium, as well as the West Bronx Recreation Center. Immediate access to Manhattan and the outer-boroughs is provided by the 4, B, and D subway lines, which are all situated nearby.