Parkchester Industrial Site Hits Market as Owners Eye $120M, Thousands of Homes

‍

‍

Read the Full Article on Hoodline - Click Here

‍

1601 Bronxdale Avenue is attracting attention as one of the Bronx’s most significant large-scale development opportunities. The 7.4-acre Parkchester property is being marketed for sale by BKREA on behalf of joint-venture owners Himmel + Meringoff Properties and Affinius Capital, with the site combining an existing income-producing industrial asset, significant land area and extensive development potential.

The property is positioned directly adjacent to the planned Parkchester/Van Nest Metro-North station, creating a major transit-oriented development opportunity. The site has already secured approvals for a six-building mixed-use development totaling approximately 2.42 million square feet, with the potential for more than 2,200 residential units, retail and community space, 640 parking spaces and a direct pedestrian connection to the future station.

Key Takeaways

• 7.4-Acre Bronx Development Site
  1601 Bronxdale Avenue encompasses approximately 323,062 square feet of land with roughly 292 feet of frontage, providing the scale necessary for a transformative, master-planned development.
• Fully Entitled Development Program
  The approved plan provides approximately 2.42 million square feet across six buildings, including residential, retail, office and community-facility uses, along with a plaza and 640 parking spaces.
• Thousands of Potential New Homes
  The development program provides for approximately 2,200 residential units, while broader project planning has contemplated as many as 2,300 apartments. The scale positions the site as a major potential contributor to New York City’s housing supply.
• Existing Income-Producing Asset
  The property currently includes an approximately 354,309-square-foot industrial building with second-floor office space and an on-site parking deck. Industrial and commercial tenants provide existing cash flow while preserving long-term redevelopment upside.
• Future Metro-North Connectivity
  The site’s location adjacent to the planned Parkchester/Van Nest Metro-North station is central to its development story. The future station is part of the Penn Station Access project, which is intended to improve connections between the Bronx and Manhattan, Westchester County and Connecticut.
• Significant Investment Opportunity
  The owners acquired the property for $89 million in 2019 and are reportedly seeking approximately $120 million in a potential sale. The approved development has been described as a roughly $1 billion project, offering investors a combination of current income and long-term residential development potential.

Why 1601 Bronxdale Avenue Matters

The opportunity illustrates the growing importance of transit-oriented development in New York City. The Bronx Metro-North rezoning has opened new possibilities for housing and mixed-use development around future stations, while the 1601 Bronxdale Avenue approvals provide a buyer with a significant head start toward realizing a large-scale residential community.

For BKREA, the assignment highlights the firm’s ability to identify and market complex assets where existing operations, zoning, entitlements, infrastructure and future development potential intersect.

“You have an operating industrial asset, significant land area, a major future transit connection and the potential to create thousands of 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
• Existing Building: Approximately 354,309 SF industrial building
• Approved Development: Approximately 2.42 million SF
• Residential Potential: Approximately 2,200+ units
• Development Plan: Six buildings with residential, retail, office and community uses
• Parking: 640 spaces
• Transit: Adjacent to planned Parkchester/Van Nest Metro-North station
• Broker: BKREA, led by Bob Knakal, Genessy Jaramillo, Christian Sweeney and Julia Perrone

Frequently Asked Questions

What is being offered for sale?
1601 Bronxdale Avenue, a 7.4-acre industrial property with an existing income-producing building and approvals for a large-scale mixed-use redevelopment.

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

How many apartments could be developed?
The current BKREA marketing program contemplates approximately 2,200 residential units, while project planning has cited potential for more than 2,300 apartments.

What makes the location significant?
The property is directly adjacent to the planned Parkchester/Van Nest Metro-North station, providing a rare opportunity to pair large-scale residential development with future regional transit connectivity.

Does the property currently generate income?
Yes. The existing industrial and commercial tenants provide in-place cash flow while the property's approved redevelopment creates substantial future upside.

Who is marketing the property?
BKREA has been exclusively retained to arrange the sale, with the assignment led by Chairman & CEO Bob Knakal, Managing Director Genessy Jaramillo, Christian Sweeney and Julia Perrone.

‍