878 Brook AveThe Bronx, NY 10451

Property Details for 878 Brook Ave

Year built

1904

Lot size

0.34 AC

Property size (Sq ft)

86,228 SF

Zone code

C4-4

Property type

Office properties

Property subtype

Office buildings

APN

02365-0035

APU

23650035

Description

This unique 121,000 square foot, nine-story former Bronx Borough Courthouse, located at 878 Brook Avenue in the Melrose neighborhood, presents a compelling redevelopment opportunity. Built in 1904, this vacant building boasts stunning Beaux-Arts architecture, featuring exquisite stonework, expansive windows, and intricate detailing. Situated on a full city block at the intersection of 3rd Avenue, near the Jackson Avenue subway station (2 & 5 trains), its convenient location offers excellent transit access via the BX13, BX6, BX15, and BX21 bus lines. The property benefits from its designation as an Opportunity Zone and C4-4 zoning, unlocking significant potential for adaptive reuse. Internal features include a grand lobby, two elevators, and two staircases. Furthermore, the building has brand-new rough-ins for high-end plumbing, mechanical, and electrical systems, simplifying future renovations. The surrounding area is vibrant, with nearby tenants including NYC Charter High School for Architecture, BOOM! Health Wellness Center, and several other businesses and institutions. This property is in School District 7 and offers substantial upside potential for investors seeking a landmark project. The availability of Federal and State tax credits for the purchaser adds further incentive. This is a rare chance to acquire a piece of Bronx history and transform it into a thriving modern asset.

• CAP approach

  CAP return

  Valuation

  6%

  $14,256,064

  6.5%

  $13,159,444

  7%

  $12,219,483

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,266,550

  Geo Method

  $11,266,550

• Alternative Use

  Use

  Valuation

  Residential

  $16,317,710

  Hospitality

  $14,946,935

  Educational

  $12,435,674

  Medical

  $12,863,356

  Retail

  $19,344,382

Location Insight

City

Bronx

County

Bronx

State

New York

Latitude

40.8228

Longitude

-73.9101

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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