5602-5604 Broadway, Bronx, NY for sale

Investment Overview

Property Description BKREA has been exclusively retained to arrange the sale of 5602-5604 Broadway, a rare, fully-approved, ready-to-build development opportunity in the Kingsbridge neighborhood of the Bronx. Offers a rezoned, shovel-ready site with approximately 184,700 square feet of as-of-right residential development potential in one of the Bronx's most established and transit-rich residential corridors. Location Details Located on Block 3267, Lots 90 and 91, in the Bronx. Total Lot Area: 30,783 square feet. Lot dimensions of 225.8' x 123.3'. Site fronts the east side of Broadway, between West 231st Street and West 233rd Street. Improved with an existing 43,126-square-foot building, including a 188-space structured parking garage. Positioned directly beneath the elevated IRT 1 train and steps from the 231st Street subway station. Site Specifications Zoning: Rezoned from former M1-1 manufacturing designation to C2-3/R7-3 with Mandatory Inclusionary Housing (MIH) — an approved, ready-to-build action. Permits a broad range of as-of-right: Residential uses (6.0 FAR / ~184,698 ZFA) Community facility uses (4.0 FAR / ~123,132 ZFA) Commercial uses (2.0 FAR / ~61,566 ZFA) Maximum as-of-right buildout of 6.0 FAR, approximately 184,700 square feet. C2-3 commercial overlay adds ground-floor retail flexibility. MIH site with Option 1 or Option 2 affordability compliance. Development Plans Site is fully rezoned and entitled, eliminating ULURP and public review risk for a developer. Ground-floor retail component supported by the C2-3 overlay, capitalizing on strong existing foot traffic along Broadway. Combined 2025/26 assessment of $1,430,730 across both lots, with combined real estate taxes of $155,206. Neighborhood Demand Drivers Approximately a 2-minute walk to the 231st Street station (1 train), providing direct service to Columbus Circle, Times Square, and Lower Manhattan. Approximately a 10-minute walk to the Marble Hill Metro-North station, offering direct commuter rail access to Grand Central Terminal, Yonkers, and Westchester County. Served by numerous MTA bus routes (Bx7, Bx9, Bx10, Bx20, BxM1, BxM2) along Broadway, West 231st Street, and West 238th Street. Direct regional access via the adjacent Major Deegan Expressway (I-87) and nearby Henry Hudson Parkway. Located four blocks from Riverdale, one of the Bronx's most affluent neighborhoods. One block from Broadway Plaza, a 114,611-square-foot Regency Centers shopping center anchored by Best Buy, ALDI, TJ Maxx, and Bob's Discount Furniture, drawing nearly 2.5 million annual visits. Deep surrounding retail corridor including Stop & Shop, BJ's Wholesale Club, Buffalo Wild Wings, Shake Shack, Starbucks, and Foodtown, among others. Building's rear opens directly onto Van Cortlandt Park, with the City's Tibbetts Brook Daylighting Project expected to convert the adjacent disused rail corridor into a public greenway. Opportunity Highlights Rare, fully rezoned and entitled development site in one of the Bronx's most desirable and established residential corridors. Ready-to-build status removes entitlement risk and shortens time to construction. Exceptional transit-oriented location with direct 1 train and Metro-North access. Strong surrounding retail infrastructure supporting ground-floor commercial success. Direct green space access via Van Cortlandt Park and its expanding greenway network. Highlights FULLY APPROVED — READY TO BUILD — The site has been rezoned from its former M1-1 manufacturing designation to C2-3/R7-3 with Mandatory Inclusionary Housing, an approved action unlocking a 6.0 FAR and approximately 184,700 square feet of as-of-right residential development, with the added flexibility of ground-floor retail under the C2-3 overlay. TRANSIT-ORIENTED LOCATION — Fronting Broadway directly beneath the elevated IRT 1 train and steps from the 231st Street station, the Site is four blocks from Riverdale, minutes from the 238th Street and Van Cortlandt Park–242nd Street terminal stops, and served by multiple express and local bus lines, with direct regional access via the Major Deegan Expressway. ESTABLISHED RETAIL CORRIDOR — One block from Broadway Plaza, a 114,611-square-foot shopping center anchored by Best Buy, ALDI, TJ Maxx, and Bob's Discount Furniture drawing nearly 2.5 million annual visits, within a broader corridor of national and daily-needs retailers reflecting deep, proven consumer demand. PARKSIDE POSITIONING WITH GREENWAY UPSIDE — The property's rear opens directly onto Van Cortlandt Park, with the City's Tibbetts Brook Daylighting Project set to convert the adjacent former rail corridor into a public greenway, delivering future residents protected open space and a pedestrian/bike path at their doorstep.