If you’ve been tracking NYC real estate, listen up: a massive 7.4-acre site at 1601 Bronxdale Ave. is officially hitting the market, and the numbers are giving major main character energy. Owners Himmel + Meringoff (H+M) and their partners at Affinius Capital are looking to offload this Bronx gem, and they’re aiming for a $120 million payday.
Real talk: H+M bought this land back in 2019 for $89 million, so they're looking at a nice chunk of profit if they hit that asking price. They've already done the heavy lifting by securing city approvals to build up to 2,300 apartments—a project estimated to cost around $1 billion.
The Breakdown
This isn't just an empty lot. The site is currently pulling in cash from industrial and commercial tenants, including a 354,000-square-foot industrial building. But the real flex here is the future transit connection. The property is positioned right next to the planned Parkchester/Van Nest Metro-North station. The approved plans allow for six buildings spanning 2.41 million square feet, complete with public plazas, retail space, and 640 parking spots.
Bob Knakal, CEO of BKREA, is leading the marketing efforts. He noted that the site is a rare combo of current income-producing assets and massive future development potential.
Why it matters
With the city desperate for more housing, this site is potentially the largest fully-entitled development project in the Big Apple. Whoever scoops this up isn't just buying dirt; they're buying a key piece of the Bronx's transit-oriented future. If you're looking at the NYC market, this is a W for anyone banking on the city's next wave of infrastructure growth.
