Bowery Residents' Committee Purchases Development Site From Apple Bank For $4.65M In Bronx

The property asset involved in the transaction is a development site located at 626 Pelham Parkway South and 636 Pelham Parkway South in the Bronx market. The sale price of the property was $4,650,000. The site encompasses a total of 13,800 square feet of vacant commercial building situated on a 100' x 100' lot.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $4,650,000
• Square Footage: 13,800
• Address: 626 Pelham Parkway South & 636 Pelham Parkway South
• Market: Bronx
• Buyer: Bowery Residents' Committee
• Seller: Apple Bank
• Broker Representatives: Brian Whelan, Mitchel Flaherty & Jonathan Auerbach - Ripco
• Price Per Square Foot: $336

Brian Whelan, Mitchel Flaherty, and Jonathan Auerbach of RIPCO Real Estate represented Apple Bank as the seller and facilitated the procurement of Bowery Residents' Committee (BRC) as the purchaser. BRC plans to develop the acquired site into affordable supportive housing in alignment with community needs. Elaine Dovas, SVP & CRA Officer at Apple Bank, expressed support for BRC’s development plan, emphasizing its significance for creating affordable housing units.