Bronx, NY Ariel Property Advisors (Ariel) negotiated the $25.5 million sale of a development site located at 261 Walton Ave. in Mott Haven.
Ariel’s investment sales team, led by Jason Gold, senior director; Victor Sozio, founding partner; and Gabriel Elyaszadeh, associate director, represented the seller. The buyer was Zeta Charter Schools.
The property consists of a 25,182 s/f lot with 181,000 buildable s/f. The site traded for $140 per buildable s/f.
The block-through site offers frontage along both Walton Ave. and Gerard Ave. and is within one of the city’s most active growth areas.
“The South Bronx continues to see strong demand from both residential developers and institutional users,” said Gold. “This transaction underscores not only the ongoing strength of the Mott Haven development market, but also the growing demand for high-quality educational facilities in the neighborhood.”
Zeta Charter Schools’ acquisition reflects increasing interest from charter school operators seeking long-term real estate solutions in areas experiencing sustained population growth and residential development activity. Mott Haven has been at the center of significant new construction over the past several years, with thousands of residential units delivered or in development.