January 4, 2019 Comments Off on Bronx Development Site Hits New Pricing High Views: 2558 New York News, Uptown/Bronx New York

Bronx Development Site Hits New Pricing High

Cushman & Wakefield has arranged the sale of 761-775 E. 233rd St., a 69,990-buildable-square-foot development site in the Wakefield neighborhood of the Bronx. The final closing price was $7 million.

A Cushman & Wakefield brokerage team of Jonathan Squires, Addison Berniker, Michael Fioravanti and Josh Neustadter led the marketing efforts on behalf of the seller, RW Real Estate Group. The property was purchased by Mark Stagg.

“Development sites on average go for approximately $65 per buildable square-foot,” said Squires. “This is the first residential development site that has sold for over $100 per square-foot in the North Bronx outside of Riverdale and Kingsbridge, proving that in today’s market developers are willing to pay a premium for scalable development sites.”

The site currently consists of five separate tax lots providing 348 feet of wraparound frontage across 233rd Street and Barnes Avenue, a block away from the 233rd Street subway station.

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