Successful Sale of 450 East 158th Street in the South Bronx, New York City

Bob Knakal successfully arranged the sale of 450 East 158th Street, a two-lot development site in the South Bronx, marking another milestone in the area’s transformation. Formerly owned by the United Methodist Church, the property sold for $2,100,000 to Guido Subotovsky of Azimuth Development Group, a firm recognized for adaptive reuse and community-driven projects.

This sale underscores the growing investor confidence in Bronx redevelopment opportunities, particularly those that blend residential potential with social and cultural value.

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Sale Overview: A Strategic Redevelopment Opportunity in the Bronx

The transaction at 450 East 158th Street closed on June 2, 2021, reflecting continued demand for redevelopment sites across the Bronx’s urban corridors. With two existing buildings across two adjacent lots, the property offers the flexibility for ground-up construction, adaptive reuse, or institutional redevelopment.

Key Transaction Details:

• Sale Price: $2,100,000
• Buyer: Guido Subotovsky – Azimuth Development Group
• Seller: United Methodist Church
• Seller Type: Non-Profit Organization
• Asset Class: Development Site / Church Property
• Price per BSF: $82.50
• Buildings on Lot: 2

Property Details: Corner Location with Exceptional Access and Scale

Located at 450 East 158th Street, Bronx, NY 10451, between Elton Avenue and Melrose Avenue, this development site benefits from a corner location, wide frontage, and visibility within the Melrose section of the South Bronx. Its 25,456 buildable square feet and zoning flexibility make it suitable for residential, institutional, or community-oriented redevelopment.

Property Summary:

• Full Address: 450 East 158th Street, Bronx, NY 10451
• Block / Lot: 2379 / 45, 48
• Lot Size: 6,697 SF
• Building Size (BSF): 25,456 SF
• Stories: 2
• Buildings: 2

This property’s location offers seamless connectivity to the 2, 4, and 5 subway lines, placing it within minutes of Midtown Manhattan, Yankee Stadium, and the Bronx Civic Center, enhancing its appeal for both residential and community redevelopment.

Key Property Highlights and Development Advantages

The property’s scale, corner exposure, and flexible zoning combine to create an exceptional development opportunity within one of the Bronx’s most active submarkets. Developers are increasingly targeting properties like this for affordable housing, educational campuses, and mixed-use community facilities.

Highlights:

• Two adjacent lots totaling 6,697 SF of land area
• Development-friendly zoning suitable for residential or institutional use
• Corner visibility with wide street frontage for design flexibility
• Close to major transit lines, including the 2, 4, and 5 subway routes
• Near Yankee Stadium, St. Mary’s Park, and The Bronx Museum of the Arts
• Opportunity for adaptive reuse or ground-up construction

Market Strategy and Positioning: Redevelopment with a Community Focus

Bob’s marketing strategy emphasized the unique character and redevelopment potential of a non-profit-owned site in a high-growth corridor. By targeting mission-aligned developers and community-oriented investors, the campaign sought to preserve the property’s legacy while unlocking new residential and institutional uses.

This transaction occurred during a period of strong post-pandemic demand for mixed-use and affordable housing projects, as developers sought outer-borough locations with lower acquisition costs and high-density potential. The South Bronx—particularly Melrose and Mott Haven—has since become a hub for transformative urban redevelopment.

Neighborhood Overview: The Transformation of the South Bronx

Over the past decade, the South Bronx has evolved from an underutilized industrial area into a vibrant mixed-use community, attracting developers, investors, and cultural institutions. Its mix of new residential projects, public investment, and arts-driven growth has positioned it as one of New York City’s most promising submarkets.

Neighborhood Highlights:

• Yankee Stadium: A defining landmark that drives consistent year-round foot traffic.
• The Bronx Museum of the Arts: A cultural anchor enhancing neighborhood identity.
• The Hub – Third Avenue: A thriving commercial and retail corridor with strong local activity.
• St. Mary’s Park: One of the Bronx’s largest green spaces, supporting community life and recreation.

Vibrant Redevelopment Corridor: The Future of East 158th Street

The East 158th Street corridor continues to attract attention from both local and national developers, eager to capitalize on its affordable land costs and favorable zoning. Numerous nearby projects—ranging from affordable housing to educational facilities—reflect a broader pattern of sustainable, community-minded growth.

With strong municipal support and active participation from faith-based and nonprofit organizations, this area remains at the forefront of the Bronx’s revitalization movement, blending economic opportunity with social impact.

Conclusion: A Transaction Reflecting Purpose and Progress

The sale of 450 East 158th Street showcases both the strength of the South Bronx development market and Bob Knakal’s expertise in managing sales involving nonprofit institutions and community assets. The transaction highlights the potential to merge redevelopment goals with neighborhood preservation, advancing housing, education, and cultural initiatives across the Bronx.

Bob’s continued presence in this market reflects its commitment to responsible urban redevelopment and to helping investors identify high-potential sites that align financial return with community growth.

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Frequently Asked Questions About 450 East 158th Street and the South Bronx Market

Q1: What type of property is 450 East 158th Street?

450 East 158th Street is a two-lot development site with existing church structures, formerly owned by the United Methodist Church. It offers redevelopment potential for residential, institutional, or community-based projects in the South Bronx.

Q2: What is the size and buildable area of the site?

The site consists of two contiguous lots totaling 6,697 square feet of land area, with approximately 25,456 buildable square feet (BSF) available for new construction or adaptive reuse.

Q3: Who purchased the property and why?

The buyer, Guido Subotovsky of Azimuth Development Group, is known for urban redevelopment and adaptive reuse projects. His acquisition of this site aligns with Azimuth’s focus on mission-driven housing and community redevelopment across New York City.

Q4: What factors made this site attractive to investors?

The site’s corner location, flexible zoning, and access to major transportation made it particularly attractive. Additionally, the historic character of the church property and its position within a revitalized corridor added long-term development value.

Q5: What is the price per buildable square foot (BSF) for this sale?

The sale achieved a price of $82.50 per buildable square foot, consistent with other high-quality South Bronx development transactions during 2021. This price reflects the submarket’s strong demand and growing investor confidence.

Q6: How is the South Bronx performing as a real estate market?

The South Bronx is one of New York City’s fastest-growing real estate markets, supported by public infrastructure investment, new residential construction, and private redevelopment initiatives. Demand remains strong for mixed-use, affordable, and institutional properties.

Q7: What kinds of projects are developers pursuing in this area?

Developers in the South Bronx are focusing on mid-rise residential, affordable housing, and community-serving developments. Many projects integrate education, healthcare, and arts components, creating well-rounded, sustainable urban ecosystems.

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