The subject property is a vacant land / development site ideal for hotel development M1-2. Over the past years, the Bronx in general, and the area surrounding this plot specifically, has witnessed positive demographic trends and the development of new retail spaces all along adjacent E 138th Street. The property presents an attractive location for a mid-tier (3+ Stars) hotel development due to the surrounding highway traffic and retail activity, as well as its proximity to the 4 Subway stop which is one block from the site (15 minutes from Upper Manhattan). There is a dramatic need for new hotels in The Bronx (currently there are only 700 rooms total in a borough with more than 1.4 million people). Based on as-of-right zoning, the Project will comprise a 75+ key hotel (> 22,000 SF buildable) with ample parking and visibility from the adjacent elevated subway and from E 138th Street. This property is also good for the development of an office building totaling 22,000 SF.
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