EXCLUSIVE DEVELOPMENT ASSEMBLAGE — KINGSBRIDGE, BRONX
https://corlearlistingposter.netlify.app/
3020, 3022, and 3026–3028 Corlear Avenue represents one of the most compelling ground-up residential development opportunities currently available in the Bronx. This four-lot contiguous assemblage offers 13,776 SF of land with 100.92 linear feet of unbroken Corlear Avenue frontage and a uniform 136.5-foot lot depth across all three parcels — a rare, full-width development canvas in a neighborhood experiencing transformational institutional investment.
THE SITE
All three parcels sit on Block 5709 (Lots 16, 17 & 18) in the Kingsbridge neighborhood of the Northwest Bronx. The existing circa-1901–1920 residential structures carry minimal improvement value relative to the land. The site functions effectively as a development-ready land acquisition, with full city utilities in place and clean, unified family ownership across all three addresses.
DEVELOPMENT DENSITY
Zoned R6 with eligibility under NYC's City of Yes Universal Affordability Preference (UAP) program, the assemblage supports 49,594 buildable SF at FAR 3.60 — equivalent to 55–65 residential units across a 6–8 story purpose-built building. The uniform 136.5-foot lot depth creates a superior rectangular development envelope compared to the irregular lots common in this market. An R7-1 rezoning path via ULURP delivers additional upside to 63,370 BSF (FAR 4.60), supporting 70–85 units.
ZONING BREAKDOWN (13,776 SF Lot Area):
· R6 Base As-of-Right: FAR 2.43 ? 33,474 BSF ? 38–45 units
· R6 + Inclusionary Housing: FAR 3.00 ? 41,328 BSF ? 48–56 units
· R6 + City of Yes UAP: FAR 3.60 ? 49,594 BSF ? 55–65 units ?
· R7-1 + UAP (Rezoning): FAR 4.60 ? 63,370 BSF ? 70–85 units
PRICING & MARKET CONTEXT
At $5,250,000, this portfolio prices at $106/BSF (R6 UAP basis) — at or below the current Bronx development land market range of $107–$140/BSF (Ariel Property Advisors 2024 Year-End Report). The most directly comparable active assemblage in the Bronx — 1876–1880 University Avenue — is currently listed at $140/BSF on a smaller, shallower lot.
KINGSBRIDGE NEIGHBORHOOD PIPELINE
· Tishman Speyer: 339-unit, 279,000 SF residential building under construction at 160 Van Cortlandt Park South (Dec 2024)
· Kingsbridge Armory "El Centro": 570,000 SF landmark unanimously approved by NYC City Council (Oct 2025) for 500-unit mixed-use redevelopment. Construction begins 2027
· Boen Construction: 45-unit, 7-story residential building permitted at 3242 Riverdale Avenue (May 2025) — identical R6 zoning, same neighborhood, directly comparable scale
· Bronx development land volume: +39% YoY in 2024, +70% YoY in H1 2025
TRANSIT
The 231st and 238th Street stations on the 1 train are within walking distance, providing direct service to the Upper West Side and Midtown Manhattan in under 25 minutes. Transit proximity is the single most consistent rent premium driver in the Bronx multifamily market.
TRANSACTION STRUCTURE
· Asking Price: $5,250,000
· BBL: 2-5709-16 | 2-5709-17 | 2-5709-18
· Ownership: Fee Simple | Unified family ownership
· All three lots conveyed simultaneously via single PSA
· Earnest Money: 1% | Due Diligence: 45 Days | Closing: 90 Days
· Broker Commission - Seller will pay commission to its sellers representative - buyer side broker/agent to obtain commission from purchaser/buyer.
BROKER
Francis Caamano | Licensed Real Estate Broker | NY, NJ & GA
917-209-6757 | francisacaamano@gmail.com
Also listed on Crexi: crexi.com/properties/2497628
