Olnick lists $60M South Bronx development site with potential for 1M sf project
Olnick Organization seeks buyer for 170,000 sf lot on University Ave, offering potential for 1,100+ units.
The Olnick Organization, a Midtown-based developer, is looking to offload a large development site in the Highbridge neighborhood of the South Bronx. The site, located on University Avenue between West 168th and West 170th streets, has been sitting vacant for over 50 years and is now being offered for sale at a price of $60 million.
The lot spans 170,000 square feet and includes 10 vacant parcels. According to the offering memo, the site has the potential for an 842,000-square-foot project, with enough space for over 1,100 residential units. It is unclear if this unit count includes a lot on Undercliff Avenue, located between the two main parcels.
The Olnick Organization has not yet commented on their decision to sell the site, but it is speculated that they may be looking to offload the property due to its long period of inactivity.
This development site is located in an area that has seen a surge in new residential projects in recent years, including a 1,350-unit project by Taconic Investment Partners and a 1,300-unit project by L+M Development Partners. The South Bronx has become a popular destination for developers due to its relatively affordable land prices and potential for large-scale projects.
With the potential for over 1 million square feet of development and a prime location in the South Bronx, this site is sure to attract significant interest from developers looking to capitalize on the neighborhood's growing popularity.
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