Massey Knakal Sells Development Site In Highbridge
A residential development site at 950 Summit Avenue, located on the northeast corner of Summit Avenue and West 162nd Street in the Highbridge neighborhood of the Bronx, was sold in an all-cash transaction valued at $875,000.
The site consist of an outdoor parking lot on an approximately 95’ x 175’ lot. It can accommodate parking for approximately 54 cars. The zoning is R7-1, which equates to approximately 57,190 buildable square feet for a residential development. With approximately 175 feet of frontage on Summit Avenue and 95 feet on West 162nd Street, this site represents a substantial opportunity. The sale price equates to approximately $15 per buildable square foot.
The buyer, 950 Summit LLC, is an experienced Bronx developer and is planning on building workforce housing on the site.
“This site was attractive because of the Manhattan and East River views. Additionally, the site is within walking distance to the High Bridge, which is undergoing a $62 million restoration by the City of New York,” said Massey Knakal First Vice President of Sales David Simone, who exclusively handled this transaction with Director of Sales 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.