Bronx Inclusionary Housing Site

Located in the burgeoning neighborhood of Fordham in the Bronx, 390 E 197th Street presents a prime development opportunity perfectly suited for builders looking to capitalize on a high-demand residential market. This midblock site spans 5,248 square feet with dimensions of 52' x 100', nestled between Webster Ave and Decatur Ave. The property currently houses two industrial tenants and one residential apartment on the second floor, providing some immediate income potential while plans for development are executed. Zoned R7D with a C2-4 commercial overlay within an Inclusionary Housing Area, the site is on a narrow street which permits a generous Floor Area Ratio of 5.6. This zoning allows for a maximum buildable square footage of 29,098 Sq. Ft., offering ample space for a significant residential project. Strategically located, the site is a short walk from the nearest subway station, ensuring excellent connectivity to the rest of New York City. This accessibility, combined with the close proximity to Fordham University, makes the location highly attractive for residential developments aimed at both students and professionals. The Fordham area is noted for its vibrant community and continuous growth in residential demand, which significantly outpaces supply, enhancing the investment appeal of this site. Additionally, the property qualifies for the 485X tax abatement, providing significant tax benefits and enhancing the financial viability of new construction projects. This tax incentive, along with the site's favorable zoning and development potential, makes 390 E 197th Street an exceptional opportunity for developers seeking to make a mark in a thriving New York City neighborhood.