$43 mil site for sale Sprawling waterfront property located in desirable Port Morris
A large waterfront space that could be a positive harbinger for the Bronx is up for sale in Port Morris, with the asking price: a cool $43.5 million.The site, located at 101 Lincoln Avenue, is a sprawling 133,700 square foot development site that has the potential to serve a variety of different uses.
The site consists of an L-shaped warehouse building with a attached two-story office building and is strategically located between the Harlem River, Lincoln Avenue, the Third Avenue Bridge, and Bruckner Boulevard.
Borough President Adolfo Carrion, Jr., a strong proponent of waterfront development and the borough’s revitalization, is waiting for a developer to make use of the site.
“This property is a key site on the Port Morris waterfront, strategically located on 3rd Avenue,” Carrion stated. “It has the potential for different uses, but so far our office hasn’t received any concrete proposal.”
The brokers for the expansive project, Massey Knakal, point out that the location is a short walk to the Port Morris antique district and museums.
With waterfront property getting a premium on the market, Massey Knakal even envisions the sight could possibly house a hotel, something Bronx boosters continually clamor for.
“This site would be perfect for mixed development with potential retail, hotel, and residential use,” said Massey Knakal partner/managing director Thomas Donovan, the exclusive agent for the sale along with broker David Simone.
“It’s close to transportation, literally at the foot of the Third Avenue Bridge,” he added.
Zoning for the property is wide open, allowing for residential, commercial, and manufacturing development. Depending on the site’s developer and what is proposed for the site, the build-able square footage ranges from 670,000 to 870,000 square feet of space, depending on the height and size of the buildings.
“We are looking for someone who would develop the site into a multifaceted use property,” Donovan continued.
He explained that the site could be used for solely commercial purposes, could include residential and commercial space, or even industrial uses, depending on the needs of the buyer.
Donovan estimated that any developer would need over $150 million dollars to adequately build on the site. That amount of money would be in addition to the purchase price.
Nevertheless, Donovan is confident that the right developer will emerge, and the project will take shape around a solid business proposal.
Said Donovan: “We have already had a lot of activity regarding this site.”