Overview
BKREA has been exclusively retained to facilitate the sale of 1584 White Plains Road, a transit-oriented development site spanning a full city block in the heart of Parkchester, Bronx directly across the street from the new Parkchester/ Van Ness Train Station providing access to Midtown Manhattan in 21 minutes.
The site's base Zoning Floor Area (ZFA) is 489,218 square feet. Additionally, zoning regulations permit approximately 22,000 square feet of "partially above grade" floor area, which does not count toward the ZFA, and with the Fresh Bonus, the site's effective ZFA increases to approximately 531,218 square feet. Furthermore, with the new deductions and bonuses under the "City of Yes" initiative, the site's Gross Floor Area (GFA) totals approximately 606,232 square feet.
Investment Highlights
- FRESH Bonus: Potential to add up to 20,000 square feet of residential ZFA by incorporating a Fresh Food Store, enhancing community access to healthy food while increasing buildable space.
- Transit Oriented Location - Situated just steps from the under-construction Parkchester/Van Nest Metro North Station, set to open in 2027, with a travel time of approximately 21 minutes to Midtown.
- 485-x Qualification (Not in Zone A & B) - The development is eligible for the 485x tax abatement, providing substantial tax savings.
- Fully Remediated - The 68,000-square-foot lot has been fully demolished, cleared and remediated, qualifying for Brownfield Tax Credits.
- Projected Market Demand - The Parkchester-Morris Park submarket is expected to see over 20,000 new residents and 10,000 new daily workers by 2033.
