The Real Deal New York

Investors poured $1B into South Bronx property in 2015

Total is nearly seven times higher than 2013’s level

June 14, 2016 10:49AM

Clockwise: Triangle Plaza in Melrose; NYPD’s 40th precinct; 2401 Third Avenue and 101 Lincoln Avenue in Mott Haven; and the La Central affordable development in Melrose. Bronx Borough President Ruben Diaz Jr. in center.

South Bronx real estate investment blew up in 2015.

Developers and investors spent $1.1 billion there, with a focus on neighborhoods such as Mott Haven and Melrose, according to a new report from Bronx Borough President Ruben Diaz Jr.

That represented a stunning climb from previous years. Investors committed just $180 million to the South Bronx in 2014, and $140 million in 2013, DNAinfo reported.

Bronx-wide, real estate investment rose to $2.4 billion, from $1.1 billion in 2014 and $900 million in 2013, the report claims.

The South Bronx numbers were boosted by two marquee projects. The Chetrit Group and Keith Rubenstein’s Somerset Partners filed plans last year to build two 25-story apartment towers at 2401 Third Avenue and 101 Lincoln Avenue in Mott Haven. Together, the two will comprise over 1 million square feet of space.

The partners bought the sites in two separate deals for a combined $58 million early last year.

The other major project, the Hudson Companies’ La Central affordable housing development in Melrose, consists of 992 apartment units, a YMCA, a TV studio, a skate park and about 45,000 square feet of retail space. [DNAinfo]Ariel Stulberg

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