Bronx Development Site with Potential for 1,100+ Units Hits the Market After 60 Years

Key Points:

📁 An exceptional opportunity in the South Bronx enables developers to tap into nearly 1 million buildable square feet in a rapidly evolving residential area.

🏘 The sale consists of 11 parcels across Highbridge, and marks a rare availability for the first time in over sixty years.

🛠 The combined potential of these properties paves the way for a significant residential development project of over 1,100 units, priced at $60 million.

The property market in South Bronx is witnessing a remarkable availability for developers looking for substantial square footage in one of New York's most dynamic neighborhoods. This announcement signals a rare shift, as investors can now explore extensive opportunities in an area that is on the verge of substantial growth.

The Current Offering

The Olnick Organization, a prominent developer based in Midtown, is unveiling an intriguing collection of eleven distinct lots totaling 198,000 square feet in the Highbridge area. This marks a significant moment as the land has not been on the market for over sixty years, opening doors for new construction possibilities. The highlight of this offering includes the University Avenue “Super Lot” comprising ten parcels that together total approximately 170,000 square feet, with an impressive potential for 842,000 square feet of buildable space. In addition, there is the Undercliff Avenue Parcel that measures around 28,000 square feet and offers the potential for an additional 142,000 square feet of development.

Potential for Expansion

When considered collectively, this assemblage presents the chance to establish a residential project that could house more than 1,100 units. The developer is currently seeking an asking price of $60 million, making this a compelling prospect for any serious developer looking to make a significant impact in the area.

Market Implications

The timing for this proposition is particularly opportune, with New York City currently grappling with a critical housing shortage. There’s an increasing demand for both affordable and mixed-income housing units, making this offering especially relevant. The launch coincides with the City of Yes initiative, aimed at unlocking new development potential throughout the five boroughs, which only adds to the attractiveness of this site.

The Legacy of Olnick

Olnick's history with this site dates back to 1969, and for more than five decades, it has remained undeveloped. Throughout the years, the firm has played a vital role in shaping New York's residential landscape, contributing to a portfolio that encompasses notable projects such as the prestigious Lenox Terrace in Harlem, Century Towers in Riverdale, Le Triomphe in Midtown East, and Gateway Plaza in Battery Park City.

Why This Opportunity Excites

The unique combination of size, location, and zoning options makes this an exceptional opportunity for the Bronx. Recent trends show that Highbridge has maintained a steady upward trajectory, driven by its convenient access to Manhattan and attractive public transit options, coupled with a rising interest from investors in large-scale residential developments.

Final Thoughts

This superlot stands out as one of the largest undeveloped opportunities in New York City, marking a vital chance for developers as the local market aligns with the burgeoning need for housing. The scale and potential of this offering can significantly impact the area, making it a pivotal moment for those looking to invest in the Bronx's future.