Highlights
• Transit Oriented Location - Situated just steps from the under construction Parkchester/Van Nest Metro North Station, set to open in 2027, with a travel time of approximately 21 minutes to Midtown. • 485-x Qualification (Not in Zone A & B) - The development is eligible for the 485x tax abatement, providing substantial tax savings. • Fully Remediated - The 68,000-square-foot lot has been fully demolished, cleared and remediated, qualifying for Brownfield Tax Credits. • Projected Market Demand - The Parkchester-Morris Park submarket is expected to see over 20,000 new residents and 10,000 new daily workers by 2033.
Description
Exclusive Sale Retention: • BKREA has been exclusively retained to facilitate the sale of 1584 White Plains Road, a shovel-ready, transit-oriented development site spanning a full city block in the heart of Parkchester, Bronx. Property Overview • Total Lot Size: 67,947 square feet (including the approved de-mapping of Archer Road and the adjacent triangle). • Zoning: R8 (C2-4 equivalent) with a 7.2 FAR within an MIH area, allowing for significant mixed-use development. Development Potential • Base ZFA: 489,218 square feet. • Above-Grade ZFA: 511,218 square feet, including a 22,000-square-foot exempt floor area. • Gross Floor Area (GSF): Approximately 606,232 GSF under City of Yes deductions/bonuses. • FRESH Bonus: Potential to add up to 20,000 square feet of residential ZFA by incorporating a Fresh Food Store, enhancing community access to healthy food while increasing buildable space. Site Features Topographical Advantage: • A 22-foot slope from East Tremont Avenue to Guerlain Street creates at least 22,000 square feet of space that is fully above grade but exempt from ZFA calculations under NYC’s Non-ZFA Street-Facing Retail Allowances. • This exemption maximizes usable space while preserving FAR, making it an attractive investment. Strategic Location & Transit Access • Upcoming Parkchester Metro-North Station (opening 2027) is just steps away, providing 21-minute access to Midtown Manhattan. • Convenient Bus Service with lines Bx40, Bx42, and Bx15 stopping at 3rd Avenue and East Tremont Avenue. • Strong neighborhood demand for housing, retail, and community amenities due to excellent transit connectivity. Key Advantages • Entitled for R8 Mixed-Use Development. • Full Demolition & Environmental Remediation Completed. • Certificate of Completion from NYSDEC under the Brownfield Clean-Up Agreement, with supporting documentation available in the data room. • Eligible for 485x Tax Abatement (outside of Zone A/B). • Brownfield Tax Credit Approved (available separately for sale). • This prime development site presents an outstanding opportunity to capitalize on Parkchester’s rapid growth and unmatched transit access.
Property Documents
BKREA - Offering Memorandum - 1584 White Plains Road (1)_compressed.pdf
1.27 MB
Listing Details
- Space Type
Land
- Sub Category
Commercial
- Sale Type
Development Sale
- Date Listed
2/27/2025
- Building FAR
7.2
Property Specifics
- Property Name
1584 White Plains Rd
- Building Size
489,218 SF
- Lot Size
67,947 SF
- Zoning
R8 (C2-4 equivalent)- MIH Required