Treetop Development has acquired a development site located at 121-129 East 144th Street on the northeast corner of 144th Street and Gerard Avenue in the Mott Haven section of the Bronx.
Located in a Special Mixed Use District zoning area (MX-13), the property has 68,326 buildable square feet, as-of-right with the option to develop up to 91,100 s/f by utilizing the inclusionary housing bonus.
The company is now in the process of determining the best use for the site.
“Mott Haven is a neighborhood that we’ve pinpointed as one with significant potential for development that will yield high returns in the coming years,” said Adam Mermelstein, co-founder and managing partner of Treetop Development.
“The neighborhood has a large supply of underutilized warehouse stock that can be converted into various residential or mixed-use concepts playing on the ‘Gotham’ aesthetic that many residents and business owners covet. We’ve seen an explosion of interest in New York City and elsewhere for opportunities to bring industrial zones to life, and Mott Haven’s time has arrived.”
The exclusive sales team of Jason M. Gold, Victor Sozio, Scot Hirschfield, Marko Agbaba and Michael A. Tortorici, of Ariel Property Advisors, represented the seller, a private investor and procured the buyer.
“Mott Haven has been a magnet for developers and institutional investors who recognize the vast potential of this rapidly transforming area,” said Gold, vice president at Ariel Propertys.
“With several high-profile construction projects in close proximity, including Signature Urban Properties’ and Monadnock Construction’s assemblage on the corner of 149th Street and the conversion of Bronx Post Place at 588 Grand Concourse, we expect to see the demand for properties like 121-129 East 144th Street to accelerate in 2016.”
Just up the street from the site is the Bronx Terminal Market Mall, which offers shopping and dining options. The 2, 4 and 5 subway lines at 149th Street and the Major Deegan Expressway are a short walk away, offering immediate access to Manhattan and the outer boroughs.