JLL has been retained on an exclusive basis to arrange for the sale of 355-399 Exterior Street (“The Site”), located on the Mott Haven waterfront in the South Bronx. The Site encompasses approximately 4.3 acres and will be delivered fully entitled for the development of an approximately 724,427 gross square foot, 710-unit luxury mixed-use complex. The approved plans will contain two towers that will reach 40 and 26 stories above street level.
The Site was admitted into the Brownfield Cleanup Program with an anticipated tax credit benefit of up to $67.5 million (inclusive of tangible property credits & site preparation costs). Furthermore, 355-399 Exterior Street is located within a Qualified Opportunity Zone (“OZ”), and as such, prospective developers can potentially benefit from additional tax incentives.
In addition, current ownership has invested approximately $5 million in soft costs, including entitlements and the Brownfields Cleanup Program application, and these savings will be passed along to the future development team.
The Site is part of the Bronx Special Harlem Waterfront District Rezoning that will ultimately add over 6,800 residential units, a waterfront esplanade and community park. New York City has committed approximately $200 million on infrastructure to assist in the transformation of the Mott Haven waterfront that has witnessed significant institutional investment over the past several years. One of the most attractive features of the South Bronx location is its convenient access to Midtown Manhattan in approximately 15 minutes. 355-399 Exterior Street represents an exceptional development opportunity along one of the last remaining underdeveloped waterfront submarkets in the New York Metro area.
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