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.