454 East 148th Street

Ariel Property Advisors is pleased to present 454 East 148th Street, a 5-story mixed-use elevator building located on the southwest corner of East 148th Street and Brook Avenue. Spanning approximately 91,998 square feet, 454 East 148th Street contains 79 residential units (one of which is for a superintendent) and 2 commercial units. The residential unit mix consists of ten (10) studio apartments, thirty-five (35) one-bedroom units and thirty-four (34) two-bedroom units. The occupied retail units feature frontage along Brook Avenue. The first unit is approximately 2,082 SF and the other is approximately 3,284 SF. This property is encumbered by HTF and DHCR regulatory agreements, which mandate that 78 of the residential units are operated at 60% of AMI (area median income) income rent restrictions. The HTF and DHCR agreements are both set to expire in 2031. The 5-story building is located in close proximity to the “The Hub” at 3rd Avenue and 149th Street in the Mott Haven section of the Bronx. The property is conveniently located around the corner from the 2 and 5 subways as well as several bus options such as Bx 2, 15, 19, 21 and 41, which provides easy access throughout the Bronx and other boroughs. The area is home to a vibrant retail strip that includes shops such as Foot Locker’s “House of Hoops”, Aarons, The Children’s Place and numerous eateries such as Subway, Papa John’s and Dunkin’. 454 East 148th Street is surrounded by the Metropolitan College of New York - Bronx, St. Mary’s Park and the Opera House Hotel. The property presents an opportunity for investors to purchase a large mixed-use building with strong cash flow at a low basis with long term upside in a thriving area of the Bronx.