Mott Haven Warehouse Sold for $16.8 Million With Plans for Market-Rate Rentals

The developer rush to the South Bronx continues as a warehouse was recently purchased in the Lower Concourse Rezoning area of Mott Haven for $16.8 million—more than double its previous sales price of $7,750,000 just two years ago.

According to the Commercial Observer either party declined to comment on the off-market transaction but the previous owner had plans to develop the property into a 14-story 168,000 square foot residential property.

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Sun Equity Partners, who sold 288 Walton, had plans to develop the property into a 14 story, 168,000 square foot mixed-use rental property. Rendering is from their website.

288 Walton Avenue is located just a block from the Harlem River Waterfront and is just a couple of blocks away from the newly opened Joinery Condominiums and a luxury hotel going up on Park Avenue.

If construction actually begins, this will be the eighth development to rise in the Lower Concourse area since the rezoning was approved in 2009.

 

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