Cushman & Wakefield Named Agent For OZ Development Site in the Bronx

Real Estate In-Depth | October 2019

NEW YORK—Cushman & Wakefield announced on Oct. 9 that it has been retained on an exclusive basis to market for sale 773 Grote St., a 23,021-square-foot residential development site in an opportunity zone in the Bronx.

A Cushman & Wakefield team consisting of Jonathan Squires, Michael Fioravanti, Josh Neustadter, Addison Berniker and Shayne Soltan will be leading the marketing efforts on behalf of the property’s seller.

“The market is seeing increased interest in properties for sale in opportunity zones,” said Squires. “This property is an ideal development site for an investor interested in capitalizing on the tax benefits of the program in an up-and-coming neighborhood in the Bronx.”

“This opportunity will allow a developer to create a high quality, sought-after apartment building in a prime area of the Bronx between Fordham University and the Bronx Botanical Gardens,” added Neustadter.

773 Grote St. is a residential development site with approximately 23,021 buildable square feet. The property is located on the north side of Grote Street between Prospect Avenue and Southern Boulevard in the Belmont neighborhood of the Bronx. The property falls within one of the federally-approved opportunity zones, providing future ownership with the opportunity to acquire and develop a property that allows for significant tax benefits.

The property is located in proximity to Fordham University, St. Barnabas Hospital and The Bronx Zoo and Botanical Garden. The property is also within walking distance of the 182nd-183rd Street subway station with access to the B and D trains, as well as multiple bus routes that canvass the neighborhood.