Massey Knakal Retained Exclusively To Sell University Heights Development Site - Almost 1M Square Feet of Development Rights
Massey Knakal Realty Services has been retained on an exclusive basis to sell a large development site located at 320 West Fordham Road. The property is bound by the Harlem River to the west, Fordham Road to the north, and the Major Deegan Expressway to the east, in the University Heights neighborhood of the Bronx. The asking price is $29,000,000.
The riverfront development site consists of an approximately 149,750 upland square foot lot. It offers over 515,000 square feet of residential development rights and almost 1,000,000 square feet with full community facility FAR. Development sites of this size and location are rare and an increasingly desirable commodity.
The Bronx is an increasingly attractive market for both public and private housing developers as sites in Manhattan, Brooklyn, and Queens reach record prices, as evidenced by the number of large, high-profile residential and commercial development sites planned or under construction. This property is easily accessible via public transportation, with the University Heights Metro-North station adjacent to the site as well as subway and bus access in the proximity.
“An offering of this size and scale is timely, given Mayor de Blasio’s housing plan and requirement for new construction housing units. This site offers developers an opportunity to create one of the largest housing development projects in the Bronx,” said Massey Knakal’s Karl Brumback, who is exclusively marketing the property.