The Real Deal New York

Chetrit Group can build 800K sf project in the Bronx

Developer and Somerset Partners pay $32M for 101 Lincoln Avenue

December 04, 2014 12:18PM
By Claire Moses

From left: 101 Lincoln Avenue in the Bronx and Joseph Chetrit

From left: 101 Lincoln Avenue in the Bronx and Joseph Chetrit

UPDATED 3 p.m. December 4: The Chetrit Group just bought a block-long site in the Bronx for $32 million, in a deal that allows the developer to build a project of up to 800,000 square feet. Chetrit partnered with Somerset Partners, according to sources.

The 133,000-square-foot lot at 101 Lincoln Avenue is zoned for both residential and manufacturing use. It currently houses a 57,000-square-foot Oz Moving warehouse and a 83,000-square-foot yard. It includes 518 feet of frontage on the Harlem River and 333 feet along Bruckner Boulevard in the South Bronx, according to the listing with CBRE’s John Reinertsen.

Gerosa Inc., a Bronx-based crane company and long-time owner of the site was the seller according to city records. The site was asking $35 million.

The lot is located close to the Harlem River Yards, where FreshDirect is planning to open its warehouse.

Eastdil Secured’s Doug Harmon and Adam Spies represented the buyers.

A representative from the Chetrit Group was not immediately available for comment. Reinertsten declined to comment.

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