Successful Sale of 201 Marcy Place in Concourse, Bronx
Bob Knakal successfully brokered the sale of 201 Marcy Place, a prime development site in the Concourse neighborhood. The property’s significant buildable footprint and favorable zoning made it an attractive acquisition for developers seeking to capitalize on the Bronx’s transformation into a hub for residential and mixed-use projects.
The transaction highlights investor confidence in the South Bronx, where underutilized parcels and large-scale development opportunities are increasingly sought after by both local and institutional buyers.
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Sale Details: $1.6M Transaction Reflecting South Bronx Growth
The sale closed on August 14, 2014, at a price of $1,600,000, which equates to approximately $26.27 per buildable square foot. The seller, Richard Esposito of Prana Investments, is a seasoned high-net-worth investor with multiple Manhattan and Bronx holdings, while Dunn Development Group has a history of executing community-focused residential projects across New York City.
This sale illustrates the strong demand for large-scale development sites in the Concourse, driven by the Bronx’s evolving housing market and ongoing neighborhood revitalization.
Sale Highlights:
- Sale Price: $1,600,000
- Price per Buildable SF: $26.27
- Buyer: Dunn Development Group
- Seller: Richard Esposito, Prana Investments
- Asset Class: Development Site
- Date Closed: August 14, 2014
Property Overview: 201 Marcy Place, Concourse, Bronx
Located near the Grand Concourse, one of the Bronx’s most prominent boulevards, 201 Marcy Place offered a rare opportunity for large-scale residential or mixed-use development. The site’s ample buildable area and access to key transit routes make it an ideal candidate for affordable housing, mixed-income projects, or multi-family construction.
The property combines a strategic location, zoning flexibility, and scale, giving developers an advantage in a borough experiencing sustained growth and revitalization.
Property Specifications:
- Full Address: 201 Marcy Place, Bronx, NY 10452
- Total Buildable SF: 60,904 square feet
- Buildings on Lot: 1
- Asset Class: Development Site
- Zoning: Suitable for residential or mixed-use construction
Investment Highlights: Rare South Bronx Development Opportunity
As a large development site in Concourse, 201 Marcy Place provided a prime platform for residential and mixed-income development, an increasingly in-demand asset type in the South Bronx. Its location, scale, and zoning allowed for flexible development solutions to meet the borough’s growing housing needs.
Investment Highlights Include:
- Proximity to the Grand Concourse, a major residential and cultural corridor
- Large development footprint suited for affordable or mixed-income housing
- Strong neighborhood fundamentals with steady residential demand
- Access to major transit lines and local amenities
- Situated in an area experiencing infrastructure improvements and revitalization
Market Strategy and Positioning: Maximizing Concourse Development Value
Bob Knakal and his team strategically marketed 201 Marcy Place by emphasizing its scale, zoning potential, and prime location within Concourse. The marketing campaign reached local developers and institutional buyers, generating significant interest and multiple offers.
The Bronx’s transformation, including enhanced transit access, urban infrastructure, and rising residential demand, increased the site’s long-term development appeal, enabling a successful and well-executed sale.
Neighborhood Overview: Concourse, Bronx – Emerging Residential and Development Hub
Concourse is a historic and rapidly evolving South Bronx neighborhood, blending architectural heritage with modern development. Its revitalization has been supported by public investment, improved transportation, and growing housing demand, making it a prime target for developers focused on multifamily and mixed-use projects.
Nearby Attractions:
- Yankee Stadium: A world-famous cultural and sporting destination
- Bronx Museum of the Arts: Showcasing local and international art
- Grand Concourse: Iconic boulevard with Art Deco architecture and ongoing redevelopment
- Joyce Kilmer Park: A central green space anchoring the community
Neighborhood Highlights:
- Emerging Development Hub: Increasing attention from developers
- Excellent Transit Access: Multiple subway lines and bus routes to Manhattan and beyond
- Cultural Significance: Historic architecture combined with modern urban energy
- Growing Residential Demand: Steady interest from renters and buyers seeking affordability
Conclusion: Strong Results Through Strategic Marketing
The sale of 201 Marcy Place demonstrates the effectiveness of Bob Knakal’s targeted marketing strategies and buyer network, delivering a strong outcome for Prana Investments. The property’s scale, location, and zoning potential, combined with the Bronx’s ongoing revitalization, created a competitive environment for developers and ensured the site’s acquisition by a community-focused and experienced buyer.
Testimonial: Client Success and Satisfaction
“I knew we needed a broker who was an expert in the sale of development sites and who could access the broadest arena of buyers in the marketplace. Bob Knakal and his team did just that. We were really surprised by how many offers we received and were so pleased by how hard the team worked on our behalf. I was also happy with the responsiveness of the team. My calls were returned very timely and I felt like the team was there for me every step of the way. I give Bob and his team my highest recommendation."
— Rich Esposito, Prana Investments
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Frequently Asked Questions (FAQs)
Q1: What type of property is 201 Marcy Place?
It is a large-scale development site in Concourse, Bronx, offering 60,904 buildable square feet suitable for residential or mixed-use development, making it ideal for multifamily or community-oriented projects.
Q2: What was the sale price and price per buildable square foot?
The property sold for $1,600,000, approximately $26.27 per buildable square foot, reflecting strong investor demand for sizable development sites in the South Bronx.
Q3: Who purchased the property and from whom?
Dunn Development Group, a developer specializing in affordable and mixed-income housing, acquired the property from Richard Esposito of Prana Investments, a seasoned New York investor.
Q4: Why was 201 Marcy Place attractive to developers?
Its location near the Grand Concourse, ample buildable area, and zoning flexibility made it an excellent candidate for residential or mixed-use development in a rapidly evolving neighborhood.
Q5: How does the Concourse neighborhood support new development?
Concourse benefits from strong transit connectivity, ongoing infrastructure investment, historic architecture, and increasing residential demand, making it attractive for developers seeking affordable and mid-scale housing opportunities.
Q6: What role did Bob Knakal and his team play in the sale?
Bob Knakal and his team led the marketing, negotiation, and closing process, leveraging their network of buyers and market expertise to generate multiple offers and ensure a smooth, successful transaction for the seller.
