This offering presents a unique opportunity to acquire a four-lot assemblage at 3020, 3022, and 3026–3028 Corlear Avenue — three consecutive addresses on Block 5709 in the Kingsbridge neighborhood of the Northwest Bronx. All three parcels are under unified ownership and being offered exclusively as a single portfolio sale, providing a developer with a clean, uncomplicated path to closing.
The existing circa-1900–1920 residential structures carry minimal improvement value relative to the land, making this effectively a development land acquisition. The uniform 136.5-foot lot depth across all three parcels creates a full, rectangular development envelope — architecturally superior to irregular or flag-lot assemblages commonly found in this market.
| Address | BBL | Lot Area | Frontage | Depth | Built | GFA (Existing) |
|---|---|---|---|---|---|---|
| 3026–3028 Corlear Ave | 2-5709-18 ↗ | 6,143 sf | 45 ft | 136.5 ft | 1920 | 1,600 sf |
| 3022 Corlear Ave | 2-5709-17 ↗ | 4,095 sf | 30 ft | 136.5 ft | 1901 | 962 sf |
| 3020 Corlear Ave | 2-5709-16 ↗ | 3,538 sf | 25.92 ft | 136.5 ft | 1901 | 1,216 sf |
| Portfolio Total | Block 5709 | 13,776 sf | 100.92 ft | 136.5 ft | — | 3,778 sf |
Four lots, three addresses, 100.92 feet of unbroken frontage — an exceptionally rare contiguous assemblage in a market where single-lot development sites are the norm. Full-width frontage enables purpose-built architecture that commands premium rents and pricing.
R6 zoning with City of Yes UAP bonus delivers 49,594 buildable SF — the existing structures occupy only 3,778 SF of GFA, leaving a 45,816 SF density surplus. Rezoning to R7-1 via ULURP creates upside to 63,370 BSF.
At $5.25M, this portfolio prices at $106/BSF (R6 UAP basis) — consistent with or below recent Bronx development land market comps ranging from $107–$140/BSF. The most directly comparable active Bronx assemblage is listed at $140/BSF on a smaller, shallower lot.
Tishman Speyer broke ground on a 339-unit building in Kingsbridge in December 2024. The Kingsbridge Armory was unanimously approved for 500-unit mixed-use redevelopment in October 2025. Multiple new construction permits have been filed within blocks of this site in 2024–2025.
The 231st and 238th Street stations on the 1 line are within walking distance, providing direct service to the Upper West Side and Midtown Manhattan. Transit-adjacent Bronx sites command consistent 10–15% premiums on achieved rents and occupancy rates.
All three parcels are under unified family ownership. No court proceedings, no LLC complexity, no partition risk. A single Purchase & Sale Agreement covering all three lots simultaneously — structured for an efficient 90–120 day close.
The portfolio sits within an R6 zoning district — one of the most active mid-density residential zones in the Bronx. Under the City of Yes Universal Affordability Preference (UAP) program, the full assemblage supports approximately 49,594 buildable square feet, with an R7-1 rezoning path delivering upside to 63,370 BSF on the same footprint. The uniform 136.5-foot lot depth across all three parcels creates a full, rectangular building envelope well-suited for 6–10 story residential construction.
| Zoning Path | FAR | Lot Area | Buildable SF | Est. Units | Mechanism |
|---|---|---|---|---|---|
| R6 — Base As-of-Right | 2.43 | 13,776 sf | 33,474 SF | 38–45 | No affordability required |
| R6 — Inclusionary Housing | 3.00 | 13,776 sf | 41,328 SF | 48–56 | 20% affordable units |
| R6 — City of Yes UAP ★ | 3.60 | 13,776 sf | 49,594 SF | 55–65 | 25%+ affordable · Max R6 density |
| R7-1 — Rezoning + UAP (Upside) | 4.60 | 13,776 sf | 63,370 SF | 70–85 | ULURP rezoning path |
3242 Riverdale Avenue, Kingsbridge — Permits filed May 2025 for a 7-story, 45-unit, 33,779 SF residential building on a 13,189 SF R6 lot. Directly comparable zoning, neighborhood, and scale — confirming that this site's buildable assumptions are fully achievable in today's permitting environment.
City Council unanimously approved October 2025. 8th Regiment Partners LLC converting the 570,000 SF armory into a community hub with 500 residential units. Construction begins 2027. The defining anchor project for the Northwest Bronx — establishing Kingsbridge as one of NYC's next major development corridors.
One of NYC's most respected institutional developers broke ground December 2024 on a 279,000 SF, 100% affordable building at 160 Van Cortlandt Park South in Kingsbridge. When Tishman Speyer commits capital to a Bronx neighborhood, the market follows.
Bronx development sites averaged $107/BSF in 2024 — a new record high (Ariel Property Advisors Year-End Report, Feb 2025). Development site dollar volume increased 39% year-over-year in 2024, and 70% year-over-year in H1 2025. The market is accelerating.
NYC voters approved four housing construction ballot measures in November 2024. The City of Yes for Housing Opportunity program, passed December 2024, unlocks additional density across R6-zoned sites citywide — directly increasing this portfolio's buildable potential.
Boen Construction filed for a 45-unit, 7-story residential building at 3242 Riverdale Avenue (May 2025). A 12-story mixed-use was filed at 3008 Godwin Terrace. Developer consensus on Kingsbridge's trajectory is reflected in active permit filings within blocks of this site.
The three existing structures occupy just 3,778 SF of gross floor area — representing only 7.6% of the site's permitted buildable envelope under R6 + City of Yes UAP zoning. The remaining 45,816 SF of unused air rights transfer automatically to the buyer at closing as part of the fee simple purchase — no separate negotiation, no additional cost.
Because all three parcels sit on the same block (Block 5709) and share contiguous property lines, a developer may merge them into a single zoning lot as-of-right under NYC Zoning Resolution §12-10. This Zoning Lot Merger is the mechanism that delivers the full 49,594 BSF of combined density — significantly more than any single parcel could achieve independently.
| Metric | Figure | Notes |
|---|---|---|
| Max Permitted BSF (R6 + City of Yes UAP) | 49,594 SF | FAR 3.60 · Combined zoning lot |
| Existing Gross Floor Area (all 3 buildings) | 3,778 SF | Circa 1901–1920 residential structures |
| Unused Air Rights (Transferring With Sale) | 45,816 SF | Included in fee simple — no separate purchase |
| % of FAR Currently Used | 7.6% | Site is effectively development-ready land |
| Upside BSF (R7-1 + UAP Rezoning Path) | 63,370 SF | FAR 4.60 · ULURP rezoning process |
At $5,250,000, the buyer is acquiring 13,776 SF of land plus 45,816 SF of immediately deployable, pre-approved unused air rights — all for $106/BSF. The existing structures have minimal improvement value and are expected to be demolished, making this effectively a clean land acquisition with full entitled density already in place. No rezoning required to achieve the 49,594 BSF target.
The following is provided proactively to answer the questions any serious developer or broker will ask during underwriting. All figures are verifiable through the sources listed below.
1. Buildable SF — Three Scenarios
The combined lot area across all three parcels is 13,776 SF, verified via NYC ZoLA (Block 5709, Lots 16, 17 & 18). The as-of-right BSF under R6 base zoning (FAR 2.43) is approximately 33,474 SF — supporting 38–45 residential units. This is the floor, not the ceiling.
With the City of Yes Universal Affordability Preference (UAP) bonus — enacted December 2024 and requiring 25%+ affordable units — the FAR increases to 3.60, delivering 49,594 BSF and 55–65 projected units. UAP is as-of-right under current zoning; no rezoning or ULURP process is required to access it.
| Scenario | FAR | BSF | Units |
|---|---|---|---|
| R6 Base — As-of-Right | 2.43 | 33,474 SF | 38–45 |
| R6 + City of Yes UAP ★ | 3.60 | 49,594 SF | 55–65 |
| R7-1 + UAP (Rezoning Upside) | 4.60 | 63,370 SF | 70–85 |
2. Rezoning Status
The property is NOT currently in a rezoning process. It is offered as-is under existing R6 zoning with UAP eligibility. The R7-1 scenario (63,370 BSF at FAR 4.60) is a future optionality play — not a pending application. A buyer who elects to pursue it would initiate the ULURP process post-acquisition. The Kingsbridge Armory redevelopment approval (Oct 2025) provides strong political context for such an application.
Verify Independently
33,474 BSF → As-of-right today (R6 base) · 49,594 BSF → As-of-right with UAP — no rezoning needed · 63,370 BSF → Future upside via R7-1 rezoning (post-close). The 49,594 BSF scenario requires no rezoning — only inclusion of 25%+ affordable units in the development program.
The following arm's-length transactions confirm that the $5.25M asking price is consistent with — and in most cases below — prevailing Bronx development land market pricing.
| Comparable | Date | BSF | Price | $/BSF | Notes |
|---|---|---|---|---|---|
| 1876–1880 University Ave, Bronx | Active 2026 | ~28,500 | $4,000,000 | $140/BSF | R7-1 assemblage · smaller lot · same market |
| 36 Bruckner Blvd, Mott Haven | Oct 2024 | 75,250 | $9,850,000 | $131/BSF | Ariel Property Advisors · 99 units |
| 114 Bruckner Blvd, Mott Haven | Dec 2025 | 57,190 | $7,000,000 | $122/BSF | Ariel Property Advisors · Rubin Equities |
| Bronx Market Average | FY 2024 | — | — | $107/BSF | Record high · Ariel YE Report 2024 |
| 136–140A Van Cortlandt Park S, Bronx | Active 2026 | 23,584 BSF | $4,000,000 | $169.6/BSF | R7-1 · 4-lot pkg · same zip 10463 · delivered vacant · 110% less BSF, 37% higher $/BSF vs. Corlear | 3020–3028 Corlear Ave (Subject) | — | 49,594 (R6 UAP) | $5,250,000 | $106/BSF | Within or below market range |