Cushman & Wakefield announced that the firm has arranged the sale of 761-775 East 233rd Street, a 69,990 buildable-square-foot development site located in the Wakefield neighborhood of the Bronx. The final closing price was $7 million.
A Cushman & Wakefield brokerage team consisting of Jonathan Squires, Addison Berniker, Michael Fioravanti, and Josh Neustadter led the marketing efforts on behalf of the seller, RW Real Estate Group. The property was purchased by Mark Stagg.
“Development sites on average go for approximately $65 per buildable square-foot,” said Jonathan Squires of Cushman & Wakefield. “This is the first residential development site that has sold for over $100 per square-foot in the North Bronx outside of Riverdale and Kingsbridge, proving that in today’s market developers are willing to pay a premium for scalable development sites.”
The site currently consists of five separate tax lots providing 348 feet of wrap around frontage across 233rd Street and Barnes Avenue.
Located on the northwest corner of 233rd Street and Barnes Avenue, national retailers in the area include Key Food, T- Mobile, McDonalds, Rite Aid, Chase Bank, and Dunkin Donuts. The properties are located just one block from the 233rd Street subway station serving the 2 and 5 train. In addition, the property is just a short walk away from the Woodlawn Metro North Railroad station.