Mitchell lama housing bronx ny9/3/2023 ![]() ![]() The second phase, slated to include more than 900 apartments, will rise to 25 stories at 101 Lincoln Avenue. ![]() In March, Bankside opened its first units, with residents moving into some of the 458 units available at three towers making up the Third on Bankside property at 2401 Third Ave., which features a pool deck, fitness center, indoor bike storage and in-unit laundry for residents. The most visible is Brookfield’s Bankside development, a 1,350-unit residential complex of which 30% of the units will be “income-targeted,” or rented at below-market rents as part of the 421a program. Currently, about 20 rental developments with more than 5,000 apartments have been completed or are planned for the Mott Haven neighborhood. Since the approval of the Special Harlem River Waterfront District Expansion in December 2017, multiple residential towers have emerged along the Harlem River. The Bronx continues to benefit from rezonings, which have enabled the construction of new housing in former industrial districts. In January, Ariel arranged one of the largest development trades in 1H 2022, a $35 million ground lease at 138 Bruckner Boulevard where JCS Realty is planning a 12-story, 447-unit mixed-use building on the site of the former Zaro’s Bakery warehouse in Mott Haven. More than $231 million in properties sold in the first half of 2022 across 44 transactions. New Residential Developments Rise in Rezoned Areasįrom 2021 into the first quarter of 2022, developers rushed to close deals in the Bronx before the Affordable NY/421a tax exemption sunset on June 15th. In addition, its flexible (M1-2/R6A, MX-1) zoning is a plus in a neighborhood that has been a hotbed for both public and private investment. The property recently underwent a substantial gut renovation including brand new windows, sprinkler system, plumbing and electrical. The borough’s limited supply of prime office product rather than a lack of demand is driving the dearth of activity in this sector.Īriel, for example, is marketing a rare five-story, 30,000 square foot elevator loft office building at 111 Bruckner Boulevard in the heart of Mott Haven, which is generating interest from investors and owner-users. Office properties were the least transactional asset class in the Bronx in the first sixth months of the year, with around $30 million trading across five properties. Ariel arranged the second largest transaction, a 23,339 square foot retail assemblage spanning an entire block front at 1031-1049 Westchester Avenue & 1057 Southern Boulevard, for $22.75 million, or $975/SF. The largest commercial transaction was Simone Development’s purchase of four retail and office condominiums at 459 East 149th Street in the Triangle Plaza Hub for $32 million, or $579/SF. Commercial Assets See Rebound Office Market QuietĪnother bright spot in the Bronx in the first half of the year was the commercial market, which saw $148 million in sales, a 12% increase from the second half of 2021 and the highest dollar volume since 2H 2016. In addition, Brookfield and Storage Post both transacted on self-storage buildings for $64 million and $48.2 million, respectively. In 1H 2022, there were 18 industrial transactions across $301 million in the industrial sector.īlackstone’s acquisition of two industrial buildings on Commerce Avenue for $81.75 million, or $545/SF, was the largest industrial transaction and further supports the flood of institutional money coming into the industrial sector of the Bronx. In addition to affordable multifamily portfolios, institutional investors are making plays for industrial assets in the Bronx where vacancy rates remain low. Increased Institutional Demand for Industrial Properties ![]()
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