Mott Haven Development Site Set for One or More Residential Buildings
JLL Capital Markets arranged the $21.7-million sale of 122 Bruckner Blvd., a 172,774-square-foot residential development site in the Mott Haven section of the Bronx. JLL represented the seller, Altmark Group, and negotiated the transaction directly with the buyer, Nalcorp, which plans to develop one or more residential buildings.
The JLL Capital Markets Investment Sales and Advisory team that arranged the transaction was led by Brendan Maddigan, Ethan Stanton and Mike Mazzara.
“The combination of substantial development rights, strong connectivity to Manhattan and a compelling multifamily market story generated significant interest from investors,” said Maddigan. “The neighborhood has experienced tremendous residential growth over the past decade, and the buyer is well positioned to capitalize on increased renter demand.”
The property sits just south of the Major Deegan Expressway and two blocks east of the Willis Avenue Bridge, providing connectivity to Manhattan and the broader New York metropolitan area.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout