Himmel + Meringoff, which has developed, partnered in or managed 5 million square feet of prime Big Apple property mostly in Manhattan, plans to sell its outer-borough jewel.
H+M and joint-venture partner Affinius Capital are exploring a sale of 1601 Bronxdale Ave., a 7.4-acre site close to the planned new Parkchester/Van Nest Metro-North station. H+M bought the parcel in 2019 and obtained all necessary city approvals for six buildings comprising 2.41 million square feet with public space including a plaza, retail and community space, 640 parking spaces and a direct pedestrian connection to the planned new station.
The complex would contain up to 2,300 apartments — estimated to cost around $1 billion and perhaps the city’s largest fully-entitled housing development site. The changes in use and size were approved as part of the state’s and city’s plan to add Metro-North stations in the Bronx.
The site is currently leased to industrial and commercial tenants providing in-place cash flow, including a 354,000 square-foot industrial building with second-floor office space.
The owners tapped BKREA, headed by CEO Bob Knakal, to market the property. H+M bought the site for $89 million seven years ago. Sources said they hope to fetch $120 million for it.
The 1601 Bronxdale parcel “is exactly the type of opportunity that demonstrates why scale and forward-looking market intelligence matter in New York City real estate,” Knakal said. “You have an operating industrial asset, significant land area, a major future transit connection and the potential to create thousands of homes — all in one property.”
Credit: Source link
