Ariel Property Advisors has arranged the $22.75 million sale of a 23,339-square-foot retail assemblage spanning an entire block front at 1031-1049 Westchester Ave. and 1057 Southern Blvd. in the Morrisania neighborhood of the Bronx.
An Ariel team of Jason M. Gold, director, investment sales; Victor Sozio, founding partner and Daniel Mahfar, director, investment Sales, brokered the transaction on behalf of the buyer, and a Cushman & Wakefield team of Josh Neustadter, senior associate, and Jonathan Squires, director, brokered the transaction on behalf of the seller.
“This retail block has over 350 feet of prime frontage on one of the busiest intersections in the entire Bronx,” Gold said. “Anchored by Chase on the corner of Westchester Avenue and Southern Boulevard, the assemblage also includes multiple ground floor retail tenants as well as a nonprofit office tenant on the second and third floors of 1057 Southern Blvd.”
In addition to income generated from the existing tenants, R7-1/C1-4 zoning allows for an additional 50,861 square feet of air rights, or 74,200 buildable square feet as of right, providing an opportunity for future development in one of the most rapidly appreciating areas of the Bronx.
