Overview

Description

RM Friedland has been retained on an exclusive basis by ownership to act as advisor and agent for the sale of the properties, collectively known as 40-50 East First Street, Mount Vernon, NY. We are pleased to offer the opportunity to acquire this transit-oriented development site.

40-50 E First Street is a development site that is one full block front on East First Street. It’s 31,035 square feet, walking distance to the Mount Vernon East Metro North Train and in a Qualified Opportunity Zone. The offering comprises (3) distinct Tax Lots, numbers 1,2 and 26 on Block 3123.

In 2017, the city of Mount Vernon identified the area around the Mount Vernon West Metro North rail station as a high-density development area and rezoned the area for Mixed-Use Development (MVW). The recent zone change allowed for 1,285,500 buildable square feet as of right, using a Form Based Zoning code.

Currently the city of Mount Vernon is reviewing the revitalization of the Mount Vernon East Metro North Area (MVE) specially the TOD hub and open to new development plans for the Mount Vernon East area.

If the City of Mount Vernon were to adapt similar zoning for Mount Vernon East (MVE) and they did for Mount Vernon West (MVW), the site would be up-zoned to ±238,000 Buildable Square Feet.

Highlights

• Located at the Mt Vernon East Metro-North train Station in Mt Vernon, NY
• The site is made up of (3) parcels with common ownership
• Parcel 1 is a 2-story commercial building with a retail bank branch as its long term tenant
• Parcel 2 is a vacant retail strip in need of significant maintenance
• Parcel 26 is a parking lot
• Site encompasses a full block front on E 1st St
• The City is currently exploring a rezoning of the area
• Located in a Qualified Opportunity Zone

Documents

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