South Bronx Waterfront Site Sells For $32M

Posted on December 06, 2014, 9:59 pm
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Investors continue to flock to the South Bronx waterfront.

A flashy Manhattan-based real estate firm has purchased a Port Morris property for $32 million, according to city records.

The Chetrit Group, whose past projects include converting the famed Sony Tower in Manhattan into condos, could build up to 800,000 square-feet on the mixed-use lot on Lincoln Avenue.

The 133,000-square-foot property at 101 Lincoln Avenue is currently home to a one-story warehouse and a large parking lot used by Oz Moving. The lot includes 514 feet of frontage along the Harlem River.

The sale follows a reported $30 million offmarket deal involving an eight-story commercial building on nearby Third Avenue, being purchased by Hornig Capital Partners.

Representatives for the Chetrit Group did not respond to requests for comment.

The Lincoln Avenue building is opposite the Clocktower building, a defunct piano factory that was turned into lofts, which boasts some of the highest rents in Bronx.

 

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