South Bronx Waterfront Lot is Biggest Development Site on Market in NYC

The Real Deal has reported that two adjacent development sites along the Harlem River are being sold as a package deal.

According to the brokers for the deal, the site is the largest development site in NYC on the market at the moment.

Last month, 399 Exterior Street was reported to be on the market for $30 million and just this week it was announced that about 60,000 square feet of that lot was seized by the City of New York via eminent domain to create a new waterfront park.

The combined lots offer up to 600,000 square feet of potential development as per current zoning regulations for the Special Harlem River Waterfront District subset of the Lower Concourse Rezoning which was approved back in 2009.

They also have over 700 feet of frontage along the waterfront.

The big question now is, will someone buy this property and if so, what will go here? Whatever is built, be it “affordable” housing or market-rate luxury, it will continue to add fuel to the new fire in the South Bronx that is gentrification.