OZ Development Hits the Market in Prime Bronx Neighborhood

Jonathan Squires, senior director of New York middle-market investment sales at Cushman & Wakefield.

NEW YORK CITY-Cushman & Wakefield has begun marketing 773 Grote St., a 23,021-square-foot residential development site in the up-and-coming Belmont area of the Bronx. And the sale is expected to undergo an intense bid process for the site’s Opportunity Zone benefits and proximity to Fordham University, Jonathan Squires, senior director of New York middle-market investment sales at the firm, tells GlobeSt.com.

The Bronx may not have been on developers’ radar over the past several years, but now with the Opportunity Zones federal tax benefits deferring capital gain taxes over allotted time periods, and an influx of Fordham University students, the area has seen high rent growth and new construction, which is likely to continue to grow, said Squires, who is marketing the property.