Ariel Property Advisors has arranged the sale of a corner mixed-use building totaling 24,316 SF at 101-109 East Burnside Avenue and 2054-2056 Morris Avenue in the Mount Hope neighborhood of the Bronx for $9.85 million, or $405/SF.
The property was sold by an Ariel team including Investment Sales Director Jason M. Gold, Founding
Partner Victor Sozio and Director Daniel Mahfar. The seller in the transaction was the Vanbarton Group.
The three-story building consists of five free market residential units, seven commercial units, including
anchor tenant T-Mobile and a regional pharmacy, and 10,600 SF of vacant office/community service space on the second and third floors. It also offers 53,000 SF of air rights and ICIP tax exemptions through 2037.
“This property was highly desirable because it presented an extremely rare opportunity to acquire a corner mixed-use building with free market apartments, vacant space offering tremendous upside and
100 feet of retail frontage on an extremely busy commercial corridor,” Gold said.