The Jackson Group recently sold 2970 Third Avenue, a 25,000-square-foot retail property in the South Bronx, to 5 Boro Real Estate Partners for $8.75 million. The new owners intend to redevelop the property into a 100,000-square-foot mixed-use building.
Lee & Associates NYC principal Steve Lorenzo represented The Jackson Group, LLC, and 5 Boro Real Estate Partners in the transaction. Lee & Associates NYC has also been tapped to exclusively market the redevelopment, which will include multiple floors of new retail and commercial space.
“This prime real estate corner is described as the Broadway of the Bronx—there is rich history, culture, restaurants, and retail that has added to the vibrancy of the neighborhood,” Lorenzo said. “We’re excited to work with 5 Boro Real Estate Partners to help reimagine the building and deliver the new, high-quality space to the market.”
The building was formerly occupied by a furniture and electronics retailer, but was delivered vacant as part of the sales agreement. 5 Boro Real Estate Partners has not revealed any renderings or a timeline for the new mixed-use property.
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Build big! This is the Downtown Brooklyn of the Bronx.
Good luck – and they will need it. Unfortunately, the Hub has many street people.