William Palme III Acquires Commercial Property On Park Avenue In Morrisania For $64M

The commercial property located at 3350 Park Avenue in Morrisania, Bronx has been sold in a transaction that closed on March 1, 2022. The property is zoned as M1-1 and spans a lot size of 69,407 square feet. The building has a total square footage of 138,814 and a buildable square footage of 90,907, resulting in a price per square foot of $461. The buyer in this transaction is William Palme III, while the seller is Lynn DeCastro. The final sale price for the property amounts to $64,000,000.

Summary of transaction details:

• Property Type: Commercial
• Transaction Amount: $64,000,000
• Market: Morrisania, Bronx
• Zoning: M1-1

The property last changed hands on July 27, 2017, when it was sold for $9,000,000. An alteration permit was issued on July 18, 2019, indicating potential modifications to the building. The lot dimensions measure 215.54 feet by 416.54 feet. The property falls under tax class 4 and has a floor area ratio (FAR) of 2.00.