4551 3rd Ave

Ariel Property Advisors is pleased to present 4551 Third Avenue, a prime corner development opportunity located across the street from Saint Barnabas Hospital in the Belmont section of the Bronx. Located on the bustling corner of Third Avenue and 184th street, 4551 Third Avenue’s C4-4D zoning provides developers with unique mixed-use possibilities. Spanning 40’ x 137’ lot size, this asset is in an Inclusionary Housing Zone, that allows for a boost in FAR if developed with an affordable component. The C4-4D zoning (FAR: 7.2 with inclusionary housing, 5.4 on the as-of right) provides 39,478 in total buildable square feet, with close to 175 feet of wraparound retail frontage. Given the site’s 6.5 FAR with community facility and its proximity to Saint Barnabas Hospital, the property is an ideal opportunity to develop 35,639 square feet for medical office, life science, research or other healthcare-oriented non-profit use. The zoning also allows for commercial development (FAR: 3.4) to develop office and retail space in a high foot traffic area. Currently 4551 Third Avenue is improved is a 2,680 square foot 1-story building, which contains three retail units (two vacant). Notably, the site’s location in a newly created Qualified Opportunity Zone presents qualifying investors with tax benefits associated with the Opportunity Zone provision in the Tax Cuts and Jobs Act of 2017. 4551 Third Avenue is situated in the heart of the Saint Barnabas Hospital Campus, on a heavily trafficked area of Third Avenue. The property is located just a few blocks from the famous Arthur Avenue, offering immediate access to popular eateries in the heart of The Bronx’s Little Italy. The building’s proximity to Fordham University makes it a natural destination for the area’s many students seeking quality housing options. Easy access to Manhattan is also provided by the Metro North train station located at the intersection of East Fordham Road and Webster Avenue. Offering scale and a great location in a rapidly appreciating neighborhood, 4551 Third Avenue represents an outstanding development opportunity in a rapidly up and coming Bronx neighborhood.