PROPERTY OVERVIEW
1431 - 1439 Bassett Avenue, Bronx, NY
A 15,000 SF development site located at 1439 Bassett Avenue in the Bronx, directly across the street from the future Morris Park Metro-North station, part of the Metro-North Penn Station Access Project, with an estimated completion around 2027.
The property was recently rezoned as part of the Metro-North initiative and is located within a Mandatory Inclusionary Housing (MIH) area. The site is zoned C4-4, with a residential equivalent of R7-2. With MIH Option 2 compliance, the property can achieve a residential FAR of approximately 4.6, yielding up to 69,000 SF of residential buildable area, subject to DOB verification and the inclusion of required affordable units.
ZONING & DEVELOPMENT POTENTIAL
• Zoning: C4-4
• Residential Equivalent: R7-2
• Mandatory Inclusionary Housing Area
• Residential FAR: 4.6
• Approximate Buildable Residential Area: 69,000 BSF
• Total Lot Area: 15,000 SF
The zoning supports medium-density residential development subject to MIH requirements, with potential for ground-floor commercial uses where permitted.
ASSEMBLAGE DETAILS
The development site is comprised of four contiguous tax lots:1431 - 1439 Bassett Avenue, Bronx, NY. Block 4209, Lots 51, 53, 54, and 55
CURRENT OCCUPANCY
The site includes existing industrial structures, some of which are occupied by tenants on month-to-month leases, providing flexibility for redevelopment timing.
LOCATION HIGHLIGHTS
• Directly across the street from the future Morris Park Metro-North station, part of the Metro-North Penn Station Access Project, with an estimated completion in 2027, offering planned direct rail access to Penn Station
• Major public infrastructure investment driving long-term value
• Proximity to Albert Einstein College of Medicine, Montefiore Medical Center, and surrounding medical and institutional uses
• Strong residential demand drivers tied to transit-oriented development and healthcare employment
INVESTMENT OVERVIEW
This offering presents an opportunity to acquire a recently upzoned, transit-adjacent development site within an MIH area, positioned ahead of the delivery of new Metro-North service to Penn Station. The site’s scale, zoning, assemblage, and immediate adjacency to planned rail infrastructure make it well suited for transit-oriented residential development in the Bronx.
Charles Turbak
G.E. Grace & Company, Inc.