photo by Ben Fractenberg
This story ran on Oct. 11, 2019 in THE CITY.
Here’s an excerpt:
A worn-down factory building on Bruckner Boulevard in the South Bronx may not look like much — but its owners are banking on a government-backed gold rush.
The Benedetto family, giants in the recycling industry, put a 99-year lease on the property up for bid this summer, with the pot sweetened by a federal program known as Opportunity Zones.
The winner of that contest, to be announced by the end of the month, will get the opportunity to construct a much larger building at the site — including apartments, if they choose. They also will reap a lucrative tax credit worth potentially hundreds of thousands of dollars.
With its Port Morris neighborhood already booming with new apartment developments, the Benedettos were going to lease out the 250,000-square-foot plot anyway, said the property’s broker, Randy Modell.
Four businesses operate in the building, and their leases are ending soon.
The Opportunity Zone credit means the Benedettos will likely make much more money on the deal at 40 Bruckner Blvd. than they would have just three years ago.
“It’s just a happy coincidence,” said Modell, who wouldn’t reveal how much bidders have offered.