Peter Fine Acquires Development Site On Jerome Avenue In Bronx From Michael Harbater For $5.5M

1956 Jerome Avenue, located in the Bronx, was recently sold in a closed transaction. The property, a development site, spans across a corner lot measuring 100' x 107' and has a floor area ratio (FAR) of 7.2, equivalent to approximately 75,000 buildable square feet (BSF). The site was acquired by Peter Fine at a sale price of $5,500,000, lower than the initial asking price of $6,000,000. This transaction marks another success for Mitchel Flaherty and DJ Johnston of 6RealEstate Advisors, who represented the seller in this deal.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $5,500,000
• Address: 1956 Jerome Avenue
• Market: Bronx
• Buyer: Peter Fine
• Seller: Michael Harbater
• Seller's Rep: DJ Johnston & Mitchel Flaherty - 6RealEstate Advisors
• Asking Price: $6,000,000
• BSF: 75,000
• PPBSF: $73

Peter Fine, a prominent developer in the Bronx, swiftly closed the deal within just 30 days of signing the contract, a remarkable feat considering that affordable housing transactions typically require 18-24 months for completion. With his experience and confidence, Peter demonstrated his commitment to the project, which aims to bring over 100 units of affordable housing to the area. The upcoming development is projected to rise more than 12 stories and offers a promising addition to the Bronx's housing options.

It is worth noting that B6RealEstate, known for its comprehensive understanding of sub-markets and collaborative approach among brokers, facilitated this successful transaction. By fostering communication and eliminating internal competition, the firm leverages its collective insight to ensure outstanding outcomes for its clients. For more information on B6RealEstate, potential clients can reach out to DJ Johnston via phone at 914-584-7422 or by email at [email protected], as well as Mitch Flaherty at 917-348-0242 or [email protected].