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

Massey Knakal Sells Webster Avenue Assemblage

08/08/2012

A mixed-use development site at 2977-89 and 2997 Webster Avenue, located in the Bedford Park neighborhood of the Bronx, was sold in an all-cash transaction valued at $2,525,000.

The site offers 125 feet of contiguous frontage on Webster Avenue as well as an additional 50 feet of frontage at 2997 Webster Avenue. Together, the lots total approximately 88,000 buildable square feet. The site was part of a recent rezoning to encourage residential development in Bedford Park/Norwood. It is located across the street from Pioneer grocery store, steps to PS 20 and the New York Botanical Gardens, close to Fordham University and public transportation, including the Metro-North line.

New York City Department of City Planningapproved the up-zoning of Bedford Park/Norwood in March of 2011 with the objective of ‘shaping Webster Avenue into a vibrant, inviting, and walkable residential and commercial corridor.’  This is a prime example of a developer taking advantage of the higher density re-zoning, and building in a great North Bronx neighborhood close to transit, cultural amenities, and shopping,”said Massey Knakal Director of Sales Karl Brumback.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.

www.masseyknakal.com

08/08/2012 - 14:06

Source

Cushman & Wakefield Capital Markets Group New York

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