3144 Third Avenue 3144 3rd Ave 31,665 SF 100% Leased Office Building Bronx, NY 10451 $6,500,000 ($205.27/SF) 9.79% Cap Rate

Invictus Property Advisors has been exclusively retained for the sale of 3144 3rd Avenue, a beautifully renovated, elevator office building located at the bustling intersection of 3rd Avenue and Brook Avenue in the heart of Woodstock, Bronx. The property spans approximately 33,208 gross square feet and sits on a prominent corner lot, offering abundant light and air across all floors. Formerly occupied by a non-profit organization, the building will be delivered largely vacant, providing maximum flexibility for a range of owner-users, investors, and developers.
End User
The vacant delivery offers a rare opportunity for an owner-occupier to establish a flagship headquarters in a dynamic, transit-rich location. The property’s two-passenger elevators, modernized infrastructure, and prominent corner exposure make it ideal for educational institutions, medical groups, creative offices, or municipal tenants seeking long-term space in a rapidly improving submarket. Given the limited supply of vacant, move-in ready office buildings in the Bronx, 3144 3rd Avenue stands out as a unique plug-and-play solution.
Zoning
Situated in a C4-4 zoning district (R7-2 equivalent), the property permits up to 25,200 square feet of residential buildable area (BSF) as-of-right or 31,563 BSF under the Universal Affordability Preference (UAP). Although the building is currently slightly overbuilt as-of-right, recent City of Yes amendments to the zoning code now allow for the conversion of overbuilt commercial buildings to residential as-of-right, unlocking substantial latent value for developers seeking to reposition the asset.
Additionally, developers may be eligible to utilize the lucrative 467-m tax abatement, which provides a 35-year property tax exemption on conversions of non-residential buildings to multifamily, significantly improving project returns. This combination of favorable zoning, as-of-right conversion rights, and tax benefits offers one of the most compelling residential redevelopment opportunities in the Bronx. Located within a federally designated Opportunity Zone, 3144 3rd Avenue offers significant tax advantages—including deferred and potentially excluded capital gains—making it an especially attractive opportunity for long-term investors and developers when combined with 467-m tax benefits and flexible zoning.