Milton Coste

Licensed Real Estate Associate Broker

(917) 416-7433
5040 INDEPENDENCE Avenue
Interested in this property?

$5,850,000

$332 per sq ft

5040 INDEPENDENCE Avenue

Estate Area, Bronx

MLS® #RLS20024172

RLS at REBNY

Listing by Douglas Elliman Real Estate

9

Bedrooms

7.5

Baths

17,620

Sq. Ft.

1899

Year Built

Quick Summary

Bedrooms 9
Bathrooms 8 full, 2 half
Living Area 17,620 sq ft
Lot Size 52,271 sq ft
Year Built 1899
Ownership None
Property Taxes $58,884/yr
Parking Garage
Neighborhood Estate Area
Floor 1 of 3

Property Highlights

  • Views: Other
  • Outdoor Space: Deck, Terrace, Wrap Around
  • Fireplace: 1 fireplace

Property Details

Type Single Family Residence
Ownership None
Total Rooms 20
Baths 7 Full, 2 Half
Floor 1 of 3
View Other
Cooling Central Air
Pets Yes
Year Built 1899
Living Area 17,620 sq ft
Parking Garage Available
Structure Type Townhouse
Basement Other
Lot Size 52,271 sq ft
Parcel # 05940-0539
Block/Lot 05940/0539

Listing History

Event Date Price Change
Listed May 15, 2025 $6,450,000 -
Currently May 15, 2026 $5,850,000 -9.3%

Description

A Grand Mansion in Historic Riverdale - 5040 Independence Avenue

Commanding over 1.2 acres of prime land in the verdant enclave of Riverdale, the Bronx, 5040 Independence Avenue is a once-in-a-generation offering. This exceptional estate, nestled above the iconic Wave Hill Gardens, is steeped in both architectural significance and presidential heritage as it is located on the very same site that the childhood home of John F. Kennedy once stood when he attended Riverdale Country School.

At the heart of the estate is an awe-inspiring primary mansion spanning approximately 17,620 interior square feet across three expansive floors, with an additional 7,500-square-foot basement offering endless potential for customization. Inspired by the spiraling curves of the Guggenheim Museum, the residence features a dramatic triple-height atrium-a luminous, rotunda-like centerpiece that creates a sense of openness, elegance, and timeless modernity.

With 9 bedrooms, 7 bathrooms, and 2 powder rooms, this grand mansion offers incredible scale and volume for refined living and entertaining. A sprawling sunken living room opens seamlessly onto a generous terrace, part of the estate's 4,500 square feet of terraced outdoor space that embraces the natural beauty of the Hudson River Valley. Complementing this are a formal dining room, large eat-in kitchen that is also complimented by a large adjacent morning terrace, a separate library, media room, and multiple entertaining salons. A 10-car garage adds both functionality and prestige. A separate cottage-ideal for guests, staff, or extended family-offers an additional 2,000 square feet, including 3 bedrooms, 2 bathrooms, and an attached 2-car garage.

This rare and expansive Riverdale property combines the privacy and grandeur of an exclusive country residence with the convenience of proximity to Manhattan-you can get to Midtown Manhattan in under 30 minutes by car, and not much longer via the Metro North or Subway trains. Wave Hill Gardens sits directly west of the property, offering its lush gardens and grounds, art gallery, cultural center, and charming caf for additional respite and enjoyment. Just a few blocks away are the Riverdale Stables and golf course in Van Cortland Park, as the Riverdale Yacht Club and picturesque Hudson River trails, offering a lifestyle rich in recreation, sport, and history.

5040 Independence Avenue is more than a residence-it's a legacy property rooted in American history, surrounded by nature, and designed for both extraordinary living and inspired entertaining.

While 5040 will welcome your own-or your architect's-vision to complete the property, it will be delivered with a Temp Certificate of Occupancy.

Images included have been virtually staged.

Features & Amenities

Interior Features

High Ceilings Smoke Free Storage Walk In Closets Washer Hookup In Unit Fireplace (1)

Exterior Features

Private Outdoor Space Over60 Sqft Deck Terrace Wrap Around

Building Amenities

Green Building

Appliances

Dishwasher

Building Information

Building Data View Compliance & Permits
Total Units 1
Stories 3
Structure Townhouse

Financial Details

RE Taxes $58,884/yr ($4,907/mo)
Original Price $6,450,000
Previous Price $6,450,000

Estate Area offers a mix of brownstone rowhouses, mid-rise apartment buildings, and historical co-op structures. Residential properties are situated near major transit hubs and provide access to established green spaces and architectural landmarks.

Estate Area Live Market Data

View Neighborhood

Active Listings

5

Median Asking Price

$1.68M

Median $/Sqft

$546

Avg Days on Market

N/A

New This Week

0

Price Reduced

60%

Sold (30 Days)

0

Median Sale Price

$355K

Live data from RLS at REBNY • Updated 5/15/26, 6:54 PM EST

Recently Sold in Estate Area

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Location

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5040 INDEPENDENCE Avenue, Estate Area, Bronx County

Floor Plans

Floor Plan 1
Floor Plan 2

Building Information

Official NYC property records for this building

1899
Year Built
127 years old
3
Floors
1
Residential Units
R1-1
Zoning District
One Family Dwellings

Tax & Assessment

Assessed Value: $1,072,320
Land Value: $97,740
Exemptions: $0

Note: Individual unit taxes may differ. Verify current tax bills with NYC DOF.

Lot Area: 52,271 SF
Building Area: 17,000 SF
Built FAR: 0.33
Allowed FAR: 0.75

Source: NYC PLUTO (Primary Land Use Tax Lot Output), NYC Department of City Planning (data.cityofnewyork.us)

Want help estimating ownership costs or understanding building compliance? Let's discuss

Frequently Asked Questions

Common questions about this property

The current listed annual property tax is $58,884, or roughly $4,907 per month. Verify the current assessment with your attorney before closing.

This property has 9 bedrooms and 7 full bathrooms and 2 half bathrooms.

The listed interior living area is 17,620 square feet. Verify dimensions independently during due diligence.

According to MLS records, the building was constructed in 1899, making it approximately 127 years old.

This listing is None

Pets are permitted at this property. Contact the listing broker for weight limits or breed restrictions.

At the current list price of $5,850,000 for 17,620 sq ft, the asking price per square foot is approximately $332. This figure is for reference only and may differ from appraised or assessed values.

To schedule a private showing, contact Milton Coste at (917) 416-7433 or [email protected]. Per REBNY guidelines effective 2025, a Buyer Representation Agreement is required before a buyer's broker can show you properties. You may attend open houses independently without one.

Have a question not answered here?

(917) 416-7433
MLS® ID: RLS20024172
First Listed: 5/15/2025
On Market: 5/15/2025
Price Changed: 5/14/2026
Contract Date: 5/15/2025

Listing Courtesy of Douglas Elliman Real Estate - Dustin V Crouse

Listing Contact: (570) 337-5306

Listing information for certain New York City properties provided courtesy of the Real Estate Board of New York's Residential Listing Service (the "RLS"). The information contained in this listing has not been verified by the RLS and should be verified by the consumer. The listing information provided here is for the consumer's personal, non-commercial use. Retransmission, redistribution or copying of this listing information is strictly prohibited except in connection with a consumer's consideration of the purchase and/or sale of an individual property. This listing information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., all rights reserved. This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available.

Broker Commission Disclosure: Broker commissions are not set by law and are fully negotiable.

Buyer Notice: Planning to work with a buyer's broker? A Buyer Representation Agreement is required before your broker can show you properties, per REBNY/UCBA guidelines (effective 2025). You may attend open houses independently without one.

RLS at REBNY

RLS Data display by Keller Williams NYC. Data last updated on 5/15/2026 at 10:54 PM UTC

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