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Listing Courtesy of Douglas Elliman Real Estate
$ 1,200,000
Est. payment | /mo
4 Beds
2 Baths
$ 1,200,000
Est. payment | /mo
4 Beds
2 Baths
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Pending
Purchase Type For Sale
Subdivision Wakefield
MLS Listing ID RLS20047704
Bedrooms 4
HOA Y/N No
Annual Tax Amount $13,812
Property Sub-Type Multi Family
Property Description
625 E 222nd St, Bronx, NY 10467 (Alternate: 3900 Carpenter Ave) This corner property presents an excellent investment opportunity for a developer seeking to maximize returns through ground-up multifamily development. Located in the Wakefield neighborhood of the Bronx, this site is poised for redevelopment under NYC's favorable R6A zoning , which allows for significant vertical expansion, offering a residential FAR of 3. The property benefits from its proximity to major transportation hubs , including the 2 and 5 MTA trains and the Woodlawn Metro-North station, making it highly attractive for future occupants who prioritize access to public transportation. Additionally, the site is located within a favorable tax class (2A), which ensures manageable holding costs, and is situated on a major commercial corridor along White Plains Road, providing easy access to shopping, dining, and essential services. The seller can deliver the property vacant (negotiable) , offering developers a clean slate for immediate redevelopment. Key Highlights: Prime Corner Lot: NE corner lot measuring 4,167 sq. ft . with 47 ft x 88.67 ft dimensions. Zoning Potential: R6A zoning with a residential FAR of 3. The current building has an unused FAR of 8,792 sq. ft., allowing for significant development potential (up to 12,501 sq. ft.). Low Real Estate Taxes: Favorable tax class (2A) with annual taxes of $12,790. Transportation Access: o 5 blocks to the 2 and 5 MTA subway lines. o 11 blocks to the Woodlawn Metro-North station. Commercial Corridor: Located nearby White Plains Road, providing convenient access to commercial amenities. Delivery Vacant: Seller to deliver the property vacant, facilitating immediate development. Property Features: Zoning & Development: R6A Zoning: Allows for a residential FAR of 3, providing a significant opportunity to build a multiunit building up to 12,501 sq. ft. Unused FAR: 8,792 sq. ft. available for development, providing great potential for additional units and increased rental income. Corner Lot: Natural light, air, and design potential for new construction. Strategic Location: Major Transportation Hub: 5 blocks from the 2 and 5 trains, connecting to Manhattan and other parts of the Bronx. Proximity to Woodlawn Metro-North stop, giving easy access to regional commuters. Commercial Amenities: Located nearby White Plains Road, offering residents access to grocery stores, restaurants, and other retail options. Strong local demand for units due to proximity to retail and transit. Favorable Tax Structure: Tax Class 2A: Limits tax increases, making it a cost-effective hold during the development process. Low Annual Taxes: $12,790, contributing to lower carrying costs for the developer. Building Specifications: Current Structure: 3 buildings on the lot, including a 2-story, 4-unit residential building with 3,700 sq. ft. of space. Opportunity for Ground-Up Development: Seller will deliver the property vacant, providing a clean slate for new construction. Development Potential: Maximize FAR: Build up to 12,501 sq. ft. of residential space, potentially allowing for multiple units that cater to the high demand for housing in this well-connected area. Residential Demand: Proximity to transit and commercial corridors ensures high demand for rental units in the area. This property offers a rare opportunity for developers looking to capitalize on a high-demand residential area with underutilized FAR, excellent opportunities to obtain taxation discounts, and strategic access to transit and retail amenities.
Location
State NY
County Bronx
Rooms
Basement Other
Interior
Interior Features Smoke Free
Fireplace No
Laundry In Unit
Exterior
Exterior Feature Private Outdoor Space Over 60 Sqft
View Y/N No
View Other
Porch None
Private Pool No
Building
Dwelling Type Townhouse
Story 1
New Construction No
Others
Pets Allowed Pets Allowed
Ownership None
Monthly Total Fees $1, 151
Special Listing Condition Standard
Pets Allowed Building Yes, No
RLS Data display by eXp Realty