The New York Times reported on Thursday that the city is selling a six-story brick home at the corner of Madison and 11th Streets in the Bronx.
The Times reports the home, which was built in 1929, is valued at $1,310,000 and is slated to be torn down in 2021.
“We are proud to announce the sale of the home in the historic Hudson River Valley neighborhood,” a spokesperson for the city said in a statement.
“This historic home, once the home of one of New York’s greatest families, will be demolished to make way for the redevelopment of the Hudson River.
We will use the proceeds to revitalize the neighborhood, expand opportunities for young professionals, and promote our core values of inclusion and respect.”
The home is the latest in a string of new construction in the neighborhood over the last few years.
In October, the city sold the former home of the Broadway Boys, an iconic theater company, for $3.5 million.
In June, the New Jersey Department of Education sold a three-story building in the Hudson for $2.5 billion.