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223 167th Street
Bronx, NY 10452
University Ave · Land For Sale
·
3.86 AC
Executive Summary
City of Yes Housing Opportunity
• Potential to build up to 842,091 SF
• Benefits from increased floor area, building height and bulk allowances, and reduced parking requirements
Location
• Located in the Highbridge neighborhood of the South Bronx
• I-87 (Major Deegan Expressway)~3-minutes drive
• I-95 (Cross-Bronx Expressway) ~5-minutes drive
• 4, B, D subway lines & Bx11, Bx13, Bx18 bus lines within walking distance
• Less than 25 minutes to Midtown Manhattan
Neighborhood Developments
• Recent surge in residential development, driven by city policy, strong demand for affordable housing, and institutional investment
• Nearby substantial affordable housing projects along the Jerome Avenue corridor, one of NYC’s most active affordable and mixed-income development zones
Tax Benefits
• Opportunity to leverage 485-x Property Tax Abatement and Low-Income Housing Tax Credits (LIHTC) when incorporating affordable housing components
• Located in a Qualified Opportunity Zone
• Environmental Zone (En- Zone) makes it a great candidate for consideration for New York’s Brownfield Cleanup Program (the BCP).
Comprehensive Due Diligence
• Pre-development materials available including:
• Surveys
• Zoning & Massing Studies with City of Yes scenarios
• Environmental Reports
• Geotechnical Studies
• Potential to build up to 842,091 SF
• Benefits from increased floor area, building height and bulk allowances, and reduced parking requirements
Location
• Located in the Highbridge neighborhood of the South Bronx
• I-87 (Major Deegan Expressway)~3-minutes drive
• I-95 (Cross-Bronx Expressway) ~5-minutes drive
• 4, B, D subway lines & Bx11, Bx13, Bx18 bus lines within walking distance
• Less than 25 minutes to Midtown Manhattan
Neighborhood Developments
• Recent surge in residential development, driven by city policy, strong demand for affordable housing, and institutional investment
• Nearby substantial affordable housing projects along the Jerome Avenue corridor, one of NYC’s most active affordable and mixed-income development zones
Tax Benefits
• Opportunity to leverage 485-x Property Tax Abatement and Low-Income Housing Tax Credits (LIHTC) when incorporating affordable housing components
• Located in a Qualified Opportunity Zone
• Environmental Zone (En- Zone) makes it a great candidate for consideration for New York’s Brownfield Cleanup Program (the BCP).
Comprehensive Due Diligence
• Pre-development materials available including:
• Surveys
• Zoning & Massing Studies with City of Yes scenarios
• Environmental Reports
• Geotechnical Studies
Property Facts
| Sale Type | Investment | Property Subtype | Commercial |
| No. Lots | 1 | Total Lot Size | 3.86 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Zoning | R7-1, C8-1 - Medium-density apartment house district with lower parking requirements | ||
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Total Lot Size | 3.86 AC |
| Opportunity Zone |
Yes |
| Zoning | R7-1, C8-1 - Medium-density apartment house district with lower parking requirements |
1 Lot Available
Lot
| Price | $49,000,000 | Lot Size | 3.86 AC |
| Price Per AC | $12,698,801.03 |
| Price | $49,000,000 |
| Price Per AC | $12,698,801.03 |
| Lot Size | 3.86 AC |
Zoning R7-1, C8-1 FAR (City of Yes) 5.01 Buildable SF (City of Yes) 842,091 SF (approx.) FAR (Community Facility) 4.80 Buildable SF (Community Facility) 806,794 SF (approx.) FAR (Residential) 3.44 Buildable SF (Residential) 578,202 SF (approx.)
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $266,153 | Total Assessment | $266,153 |
Property Taxes
Parcel Numbers
Land Assessment
$266,153
Improvements Assessment
$0
Total Assessment
$266,153
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