New York, NY – November 15, 2019 – Cushman & Wakefield announced today that the real estate services firm has been retained on an exclusive basis to market for sale 4521 Third Avenue, a 22,345-square-foot hotel property in the Belmont neighborhood of the Bronx.
A Cushman & Wakefield team consisting of Jonathan Squires, Michael Fioravanti, Josh Neustadter, Addison Berniker and Shayne Soltan will lead the marketing efforts on behalf of the property’s seller.
“This property is ideally located in a Certified Opportunity Zone and offers rare suite-like layouts,” said Squires. “The Opportunity Zone allows for various tax breaks and the flexible C4-4D zoning makes for an extremely attractive redevelopment opportunity for commercial or residential use, with a very strong retail opportunity on the ground floor.”
4521 Third Avenue sits on the southwest corner of Third Avenue and East 183rd Street with 140’ of wraparound frontage. Located directly across the street from St. Barnabas Hospital, the property has 32 units and three commercial spaces. With C4-4D zoning, the property offers the flexibility for investors to capitalize off of a plethora of legal uses and work with a non-profit or government agency to lease the building in its entirety. Located within an Opportunity Zone, the property also allows for significant tax benefits.
4521 Third Avenue is within walking distance to the 182nd-183rd Street subway station with access to the B and D trains. Additionally, the property provides access to multiple bus routes that service the surrounding area.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.