Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained To Lease Waterfront Property In Hunts Point

11/12/2013

Massey Knakal Realty Services has been retained on an exclusive basis to secure a long or short term lease for a property at 1110 Oak Point Avenue. The property stretches from Oak Point Avenue to Tiffany Street in the Hunts Point section of the Bronx.

The waterfront property sits on an approximately 10.04 acre lot with over 1,000 feet of East River frontage.  The site provides deep-water, ship, rail, and road access with the potential for on-dock rail and trans-load access.  The property contains an approximately 69,000 square foot column-free building featuring a 60 foot high ceiling with a clear span.  The property will be delivered vacant, and the building can be demolished or repurposed.  Zoned M3-1, the property allows for heavy industrial uses and the as-of-right construction of an approximately 874,274 square foot structure. 

While currently zoned for industrial use, it is possible to obtain New York City approvals necessary to permit development for other uses. This is an unusual opportunity for a developer or end user to lease a massive site which could potentially accommodate a variety of uses, including a marina, retail distribution center, film studio, catering and events business, or a new generation of retail, recreation, and entertainment users.  It is exceedingly rare to find large scale unencumbered sites, especially ones on the waterfront. Only two miles from Manhattan, this property also has easy access to highways being only 1.5 miles to I-87 and 2.2 miles to I-95.    

Over the past several years, the Bronx has seen resurgence and a site of this proportion can be a game changer for a neighborhood.  The borough is benefitting from recent and ongoing developments that are boosting the area’s overall attractiveness, including projects to rebuild the Grand Concourse, Yankee Stadium and the Bronx Museum of the Arts.  The borough has seen the benefits of new and big box retailers coming to the area, as well as new residential developments. 

This property is being marketed exclusively by Massey Knakal’s James P. Nelson, Benjamin Fox, and Nick Burns.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

11/12/2013 - 15:22

Source

Cushman & Wakefield Capital Markets Group New York

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