Himmel + Meringoff and Affinius Capital Bring to Market One of NYC’s Largest Fully-Entitled Housing Development Opportunities

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Himmel + Meringoff Properties and Affinius Capital have selected BKREA to exclusively market 1601 Bronxdale Avenue, a 7.4-acre development opportunity in the Bronx with approvals for a major transit-oriented residential and mixed-use project. The property represents one of New York City’s largest fully entitled housing development opportunities, with the potential to create more than 2,300 apartments adjacent to the future Parkchester/Van Nest Metro-North Station.

The approved development program encompasses approximately 2.42 million square feet across six buildings, with residential, retail, supermarket and community facility uses, along with open spaces, an entry plaza, 640 accessory parking spaces and a planned direct pedestrian connection to the future Metro-North station.

Key Takeaways

• 7.4-Acre Transit-Oriented Opportunity
  The approximately 323,062-square-foot site offers the scale needed for a transformative, master-planned residential community. With 292 feet of frontage, the property provides a substantial development footprint in a rapidly evolving section of the Bronx.
• 2.42 Million SF Fully Entitled Program
  The approved plan calls for approximately 2.42 million square feet across six buildings surrounding a newly mapped road and open spaces. The program includes housing, a supermarket, local retail, community facilities and parking.
• Potential for 2,300+ Apartments
  The development has the potential to deliver more than 2,300 new apartments, positioning 1601 Bronxdale Avenue as a major opportunity to add housing at a time of continued demand across New York City.
• Existing Income-Producing Industrial Asset
  The property currently contains an approximately 354,309-square-foot industrial building with second-floor office space and an on-site parking deck. A diversified mix of industrial and commercial tenants provides in-place cash flow and additional leasing upside while the site's long-term development potential remains available.
• Future Metro-North Connectivity
  The property sits directly adjacent to the future Parkchester/Van Nest Metro-North Station, which is expected to provide an approximately 21-minute trip to Penn Station when it opens in 2027. A planned pedestrian overpass is expected to create direct access between the development and the station.
• Major Long-Term Development Potential
  The combination of existing income, substantial land area, completed entitlements and future transit access creates an opportunity to transform an operating industrial property into a large-scale residential community.

Why 1601 Bronxdale Avenue Matters

1601 Bronxdale Avenue demonstrates the value of combining existing commercial income with a fully entitled development strategy. Rather than requiring an investor to assemble land and navigate the entire entitlement process, the property offers a substantial approved development program alongside an operating asset.

The future Metro-North station adds another important dimension. The planned connection to Penn Station, combined with immediate access to the Bronx River Parkway and Interstate 95, strengthens the property's potential as a transit-oriented residential destination.

For BKREA, the assignment reflects the firm's focus on complex New York City assets where development potential, zoning, infrastructure, market intelligence and investment value intersect.

“You have an operating industrial asset, significant land area, a major future transit connection and the potential to create thousands of new homes—all in one property.” — Bob Knakal, Chairman & CEO, BKREA

Featured Property Highlights

• Address: 1601 Bronxdale Avenue, Bronx, NY
• Site Area: Approximately 7.4 acres
• Land Area: Approximately 323,062 SF
• Frontage: Approximately 292 feet
• Existing Building: Approximately 354,309 SF industrial building
• Approved Development: Approximately 2.42 million SF
• Residential Potential: More than 2,300 apartments
• Development Program: Six buildings with residential, retail, supermarket and community facility uses
• Parking: 640 accessory spaces
• Transit: Adjacent to future Parkchester/Van Nest Metro-North Station
• BKREA Team: Bob Knakal, Genessy Jaramillo, Christian Sweeney and Julia Perrone

Frequently Asked Questions

What is 1601 Bronxdale Avenue?
It is a 7.4-acre Bronx property with an existing income-producing industrial building and full approvals for a large-scale residential and mixed-use redevelopment.

How much development is approved?
The approved program provides approximately 2.42 million square feet across six buildings.

How many apartments can be developed?
The opportunity has the potential to create more than 2,300 apartments.

What makes the location significant?
The property is directly adjacent to the future Parkchester/Van Nest Metro-North Station, with a planned pedestrian connection and an expected approximately 21-minute trip to Penn Station.

Does the property currently generate income?
Yes. The existing industrial building is leased to a diversified group of industrial and commercial tenants, providing in-place cash flow and leasing upside.

Who is marketing the property?
BKREA has been selected to exclusively market the property. The assignment is being led by Bob Knakal, Genessy Jaramillo, Christian Sweeney and Julia Perrone.

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