OVERVIEW

Cushman & Wakefield has been retained on an exclusive basis to collect proposals for the Joel E. Smilow Clubhouse, located at 1665 Hoe Avenue in the Crotona neighborhood of the Bronx (the “Property”). The approximately 37,000 SF property sits on the southeast corner of Hoe Avenue and East 173rd Street and boasts 200’ of frontage on Hoe Avenue along with 100’ of frontage on East 173rd Street.

The Property is currently utilized as a boys & girls community center with a full-sized basketball court and pool, along with community, classroom, and tech spaces throughout, providing neighborhood youth with after-school and summer enrichment programs. The Property will be delivered vacant, allowing for immediate occupancy, or future conversion and redevelopment of the space. Situated on 20,000 SF of R7-1 land, the Property has a 3.44 Residential FAR allowing for up to 68,800 zoning square feet of residential space, and a 4.80 Community Facility FAR allowing for up to 96,000 zoning square feet of community facility space.

In connection with a 15-year Funding Agreement effective June 16, 2015 between the owner and the City of New York, the Property is subject to a series of interim use restrictions during the term of the Funding Agreement which is set to expire in 2030. The covenant defines the Property’s use as “a community and recreation center that is dedicated to providing the children of the City with educational and recreational programs in a safe and nurturin