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Successful Sale of 429–447 Bruckner Boulevard in Hunts Point, Bronx
Bob Knakal successfully closed the sale of 429, 433, and 447 Bruckner Boulevard—an industrial-zoned development site situated in the heart of Hunts Point, Bronx. The site, which spans three contiguous lots totaling 19,034 square feet, offers approximately 75,000 buildable square feet and sold for $11,500,000.
This off-market transaction was brokered by Bob Knakal and the team at BKREA. The seller, Chedward Realty Corp. (represented by Charles Moed), was a longtime property holder in the area. The buyer, CAC Industries Inc., led by Michael Capasso, is a major civil construction and infrastructure company with strong ties to the Bronx.
One of the most attractive features of this property was its location along Bruckner Boulevard, a highly trafficked thoroughfare with proximity to major transportation hubs and logistics centers.
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Sale Details
The property sold for $11,500,000, equating to $153.33 per buildable square foot. The sale involved three separate tax lots: 429, 433, and 447 Bruckner Boulevard.
- Buyer: CAC Industries Inc., Michael Capasso
- Seller: Chedward Realty Corp., Charles Moed
- Asset Class: Industrial Development
- Date Closed: April 11, 2018
Key Highlights:
- Three contiguous lots sold in one transaction
- Large combined lot size of 19,034 square feet
- Development potential of approximately 75,000 buildable square feet
- Located in the core of the South Bronx’s industrial zone
Property Details
Positioned between Barretto Street and Longwood Avenue, the properties at 429–447 Bruckner Boulevard lie within Hunts Point, one of the Bronx’s most prominent industrial submarkets. The neighborhood is renowned for its logistical infrastructure and access to highways and ports.
- Address: 429, 433, 447 Bruckner Boulevard, Bronx, NY
- Zoning: Industrial (M-zoning, allowing for flexible warehouse or commercial use)
- Lot Size: 19,034 square feet
- Buildable Square Footage: Approximately 75,000 BSF
- Stories: Single-story structures, most intended for teardown and redevelopment
Investment Highlights:
- Valuable street frontage along Bruckner Boulevard
- Strong future development potential for logistics or warehouse use
- Proximity to the Bruckner Expressway, Hunts Point Terminal Market, and the Harlem River Yards
- No residential tenants, providing a clean slate for redevelopment
Market Strategy and Positioning
The South Bronx industrial market has seen a surge in investor interest due to its proximity to Manhattan and logistical access via expressways, rail, and the waterfront. The property’s location within an M-zoned corridor made it highly desirable for infrastructure and utility companies.
This sale highlights Bob Knakal’s strategic positioning of the property to appeal to end-users with long-term infrastructure and warehousing needs. The transaction closed at a favorable price per BSF in line with market peaks for industrial land in Hunts Point.
Neighborhood Overview
Hunts Point is a cornerstone of the Bronx’s industrial economy. Known for its wholesale food distribution and warehouse hubs, the area has become a target for institutional and private investors looking to capitalize on limited industrial supply near Manhattan.
Key Neighborhood Highlights:
- Home to the Hunts Point Food Distribution Center, one of the largest in the country
- Immediate access to Bruckner Expressway, I-278, and major trucking routes
- Near Harlem River Yards and Oak Point Rail Yard, enhancing multimodal access
- Increasing demand for warehouse and last-mile delivery facilities
Conclusion
The successful $11.5 million sale of 429–447 Bruckner Boulevard underscores the continued strength of the Bronx industrial market and the value of strategic, high-exposure development sites. Bob Knakal’s advisory role ensured that the seller maximized value while matching the property with a buyer aligned with the site's long-term potential.
BKREA continues to demonstrate expertise in marketing and selling unique commercial assets throughout New York City’s outer boroughs, delivering superior outcomes for both sellers and buyers.
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Frequently Asked Questions
Q1: What type of property is 429–447 Bruckner Boulevard?
It’s a development site spanning three industrial-zoned lots, suitable for warehouse or infrastructure use.
Q2: How much buildable square footage does the site offer?
The combined lots provide approximately 75,000 buildable square feet.
Q3: Why is this location in Hunts Point significant?
Hunts Point offers unparalleled access to the Bruckner Expressway, ports, and rail systems, making it a prime location for logistics and industrial operations.
