625 E 222nd St, Bronx, NY 10467 (Alternate: 3900 Carpenter Ave)
This corner property presents an excellent investment opportunity for a developer seeking to maximize returns through ground-up multifamily development. Located in the Wakefield neighborhood of the Bronx, this site is poised for redevelopment under NYC's favorable R6A zoning , which allows for significant vertical expansion, offering a residential FAR of 3. The property benefits from its proximity to major transportation hubs , including the 2 and 5 MTA trains and the Woodlawn Metro-North station, making it highly attractive for future occupants who prioritize access to public transportation.
Additionally, the site is located within a favorable tax class (2A), which ensures manageable holding costs, and is situated on a major commercial corridor along White Plains Road, providing easy access to shopping, dining, and essential services. The seller can deliver the property vacant (negotiable) , offering developers a clean slate for immediate redevelopment.
Key Highlights:
Prime Corner Lot: NE corner lot measuring 4,167 sq. ft . with 47 ft x 88.67 ft dimensions. Zoning Potential: R6A zoning with a residential FAR of 3. The current building has an unused FAR of 8,792 sq. ft., allowing for significant development potential (up to 12,501 sq. ft.). Low Real Estate Taxes: Favorable tax class (2A) with annual taxes of $12,790. Transportation Access: o 5 blocks to the 2 and 5 MTA subway lines. o 11 blocks to the Woodlawn Metro-North station. Commercial Corridor: Located nearby White Plains Road, providing convenient access to commercial amenities. Delivery Vacant: Seller to deliver the property vacant, facilitating immediate development.
Property Features:
Zoning & Development:
- R6A Zoning: Allows for a residential FAR of 3, providing a significant opportunity to build a multiunit building up to 12,501 sq. ft.
- Unused FAR: 8,792 sq. ft. available for development, providing great potential for additional units and increased rental income.
- Corner Lot: Natural light, air, and design potential for new construction.
Strategic Location:
- Major Transportation Hub: 5 blocks from the 2 and 5 trains, connecting to Manhattan and other parts of the Bronx.
- Proximity to Woodlawn Metro-North stop, giving easy access to regional commuters.
Commercial Amenities:
- Located nearby White Plains Road, offering residents access to grocery stores, restaurants, and other retail options.
- Strong local demand for units due to proximity to retail and transit.
Favorable Tax Structure:
Tax Class 2A: Limits tax increases, making it a cost-effective hold during the development process.
Low Annual Taxes: $12,790, contributing to lower carrying costs for the developer.
Building Specifications:
Current Structure: 3 buildings on the lot, including a 2-story, 4-unit residential building with 3,700 sq. ft. of space.
Opportunity for Ground-Up Development: Seller will deliver the property vacant, providing a clean slate for new construction.
Development Potential:
Maximize FAR: Build up to 12,501 sq. ft. of residential space, potentially allowing for multiple units that cater to the high demand for housing in this well-connected area. Residential Demand: Proximity to transit and commercial corridors ensures high demand for rental units in the area.
This property offers a rare opportunity for developers looking to capitalize on a high-demand residential area with underutilized FAR, excellent opportunities to obtain taxation discounts, and strategic access to transit and retail amenities.