The Olnick Organization has put up for sale a development site in the South Bronx that has remained unused for over 50 years. The company, based in Midtown, is asking about $60 million for the property located on University Avenue between West 168th and West 170th streets in the Highbridge neighborhood, according to Crain’s.
The offering includes 10 vacant parcels totaling 170,000 square feet. According to marketing materials, the site could support an 842,000-square-foot project with more than 1,100 units. It is not clear if this unit count includes an additional lot on Undercliff Avenue between West 171st Street and Sedgwick Avenue, which adds another 28,000 square feet to the offering.
“Given the growing demand for affordable housing, combined with the City of Yes initiative, we believe this is a timely moment to sell,” Olnick chief executive officer Seth Schochet said in a statement.
The offering memo highlights potential benefits from the City of Yes Housing Opportunity plan. This city initiative could allow for greater floor area, increased building height and bulk allowances, and reduced parking requirements for new developments. The memo also mentions possible eligibility for tax incentives under the state’s Brownfield Cleanup program and affordability requirements tied to program 485x.
Olnick has owned these parcels since 1969 but has never developed them. Schochet stated there was no specific reason why investment in the site had not occurred previously.
Ripco Investment Sales’ Mitchel Flaherty and Brian Whelan are handling the listing.
Recent activity in the Bronx real estate market shows continued interest in large-scale housing projects. Phipps Houses recently filed a rezoning application with New York City’s Department of City Planning for a Foxhurst neighborhood site at 893-895 East 167th Street. The nonprofit plans to build a development with nearly 500 units and over 370,000 square feet of space. Additionally, Scale Lending issued a $305 million loan last month to Beitel Group for its planned project at 355 Exterior Street that will add more than 750 units.
