JLL sells 3041 Webster Avenue in Bronx for $6.4M
Bolivar Development purchases 85,000-buildable-square-foot opportunity for $6.4M
NEW YORK, April 15, 2020 — JLL Capital Markets announced today that it has completed the sale of 3041 Webster Avenue, a development opportunity in the Norwood neighborhood of the north Bronx, N.Y. The seller was Sam’s Carpet, a long-term owner-operator; Bolivar Development acquired the property for $6.4 million.
The development opportunity at 3041 Webster Avenue includes an existing two-story, 15,140-square-foot commercial, fireproof warehouse. The building was the former home of Sam’s Carpet, a carpet retail company, and offers 126 feet of prime frontage along bustling Webster Avenue.
The site is in an inclusionary housing zone and benefits from R7D/C2-4 zoning. It can support a residential zoning floor area of 63,588 square feet or an inclusionary housing zoning floor area of 84,784 square feet.
The property is located on the west side of Wester Avenue just north of the Mosholu Parkway and offers easy access to the Bronx River Parkway. The building is within walking distance to the B and D subway lines as well as the Botanical Gardens Metro North train station. 3041 Webster Avenue is steps away from the New York Botanical Garden and is conveniently located near the Bronx Zoo, Fordham University and the Bronx’s vibrant Little Italy.
The JLL Capital Markets professionals that represented Sam’s Carpet included Managing Director Karl Brumback and Directors Eric Tiefen and Brian Streilein.
“This was an incredible opportunity for Bolivar Development to acquire a significant development opportunity in the vibrant Bronx neighborhood of Norwood,” Brumback said. “3041 Webster Avenue is the ideal location for a mixed-use project with excellent public transportation options and easy access to some of New York’s most beautiful green spaces.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.