Another large Opportunity Zone site is available on Bruckner Boulevard in the Mott Haven area of the Bronx.
The family owners of 40 Bruckner have hired ABS Partners to advise on monetizing the property and obtaining a developer to sign a 99-year lease for the site, which has the potential for a 250,000-square-foot project.
Alex Kaskel, Randy Modell and Ryan Cerqueira of ABS are pitching the site, which has 287 feet of frontage along Bruckner and another 200 feet along Alexander Avenue. “It’s fast becoming a live, work, play neighborhood,” said Kaskel, while Alexander is becoming a cool retail street.
“The owner has owned this for a long time and, rather than a joint venture, he would prefer a 99-year net lease so the developer can take advantage of the Opportunity Zone benefits. He believes in the neighborhood and hired us because we have structured many of these and have worked with families and, as a family shop, we have the same philosophy, mentality and long term vision for New York.”
With 41,290 square feet, the site is nearly an acre and its flexible zoning allows for residential, commercial, community facility and retail. Under the city initiatives to bring healthy fruits and vegetables to neighborhoods, a fresh-food option could also generate a zoning bonus. The current low-rise buildings will be vacated.
Qualified Opportunity Zones were created across the country to boost inner city and rural investment and renovations. They allow those who have taxable capital gains from any source, including stocks and businesses, to invest in real estate projects while deferring and lowering taxes.