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Lot on the Harlem River Marketed as Megadevelopment Site

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Realtors are starting to think that the time is ripe for some large-scale residential development in the Bronx, and one abandoned industrial lot on the Harlem River could be the spot for it. The site, marketed by Massey Knakal, sits on West Fordham Road next to the Major Deegan and could accommodate nearly one million square feet of residential development (the brokers envision four or five towers). The asking price is $30 million. "There's no question in my mind that it is the right time. The financing spigot has opened to fund these deals," Steve Lorenzo, an analyst at Friedland Realty Advisors, told the Daily News.

One potential problem for the future luxury housing is that it would sit across the street from a planned homeless shelter. (Another seemingly more serious problem is that it is, again, right next to the Major Deegan.) Also, as with other proposed Bronx waterfront megadevelopments like the Exterior Street Waterfront one, the community is not so enthusiastic about the idea. "It's an ugly, empty, disgusting vacant lot," said one Community Board member, who added that even if there were apartments, she wouldn't want to live in them.
· Exclusive: Bronx waterfront parcel could be next mega development for a cool $30M [NYDN]