August 22, 2019
ABS Partners Real Estate has been retained to advise a long-term family partnership that owns 40 Bruckner Blvd., a 250,000-square-foot development site in an opportunity zone within the South Bronx’s Mott Haven neighborhood. Ownership has tapped ABS to help monetize the asset, which will be delivered vacant, by identifying a developer and structuring a long-term ground lease.
“There are always challenges and risks with development, but the upside, especially with the scale of a 250,000-square-foot site, could be tremendous,” said Alex Kaskel, managing director at ABS, who is leading the efforts for the site, along with Randy Modell and Ryan Cerqueira.
Prominent developers have been flocking to Mott Haven recently, including Brookfield Properties, which owns a 1.4-million-square-foot site; Lightstone Group, which plans to build a 2,000-unit residential development; and a partnership led by Related Companies that has proposed building the city’s first soccer stadium.
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