Bridge Property Advisors has been exclusively retained to market for sale or ground lease all or a portion of 298 W 231st Street (the “Property” or “Site”), one of the only large-scale development opportunities in the Kingsbridge/Riverdale section of the Bronx.

Located on the corner of 231st Street and Tibbett Avenue, the Property has an approximate footprint of 52,900 square feet. It is zoned R6 with a C1-3 commercial overly, providing a maximum FAR of 4.8 with community facility use and a total of approximately 253,920 buildable square feet.

The Site is exceptionally located one block off of Ewen Park and just three blocks away from the 1-train (231st Street station) on the border of Kingsbridge and Riverdale. Riverdale is one of the most affluent and sought-after residential neighborhoods in New York City and home to three top-ranked private schools in New York City: Horace Mann, Fieldston and Riverdale Country, all members of the Ivy Preparatory School League; and The College of Mount Saint Vincent and Manhattan College. Kingsbridge is a stable, mature market with existing infrastructure to support additional development. There have been several new residential developments in the area in recent years and there is increasing demand for additional housing.

The offering presents a unique opportunity for a mixed-use development with nearly 200 residential units, commercial and community facility space. There is consideration by ownership to divide the site into two projects and possibly retain up to 20,000 square feet of retail space on the ground floor, plus storage and parking to be determined.

The Site is located within the FRESH Program eligibility area for financial incentives such as a real estate tax abatement, sales tax exemption on materials and a mortgage recording tax deferral. Additional tax abatement programs include the Industrial & Commercial Abatement Program (ICAP) for commercial construction and the Affordable New York Housing Program for residential.