2970 3rd Avenue

Ariel Property Advisors has been retained on an exclusive basis to arrange the sale of 2970 3rd Avenue, situated on the southeast corner of 3rd Avenue and 153rd Street in “The Hub” of the South Bronx.

The property, which is currently vacant, is situated on a 55’ x 192’ double-corner lot with over 300’ of wrap around retail frontage on 3rd Avenue, one of the busiest retail thoroughfares in the Bronx. In addition to the air rights from lot 50, the C4-4 / R7-2 zoning (FAR: 3.4 as-of-right and 6.50 with community facility) allows for approximately 88,000 and 154,000 buildable square feet, respectively. 2970 3rd Avenue consists of 14,500 square feet of above-grade space with an additional 14,135 square feet of below-grade space. The property is located in the Opportunity Zone, which allows investors to take advantage of the financial benefits the program offers.

2970 3rd Avenue is steps away from “The Hub” and conveniently located in the heart of 3rd Avenue. The area is home to a vibrant retail strip that includes shops such as Foot Locker’s “House of Hoops”, Burlington Coat Factory, Modell’s Sporting Goods, The Children’s Place, Planet Fitness, Walgreens and many more. 2970 3rd Avenue is surrounded by the Metropolitan College of New York – Bronx, St. Mary’s Park, the Opera House Hotel and on-going projects such as 425 Westchester Ave, which is being developed by Starwood Capital and AB Capstone. The property benefits from easily accessible transportation with the 2,5 express subways only 4 blocks away (3 Av – 149 St) as well as several bus options such as the Bx 15, 21 which provides easy access throughout the Bronx and other boroughs.

With its immensely convenient location, scale, frontage and proximity to transportation, 2970 3rd Avenue represents a value-add or development opportunity in an advantageous neighborhood with demonstrated demand for commercial product.