Gotham, Grid Properties snap up Bronx parcel for $31M

The Metropolitan Transportation Authority has nabbed a healthy chunk of change with the sale of a 550,000-square-foot site in the Bronx.

The Pelham Gardens site next to The Bay Plaza Shopping Center, once pegged to become an extension of the nearby Gun Hill bus depot, sold for $30.5 million to two developers who will build a retail center on the site, Crain’s reported.

A proposal to create 260,000 square feet of leasable retail space, along with the possible construction of 100 units of senior housing, was submitted by developers Grid Properties and Gotham Organization and selected by the city.

The $30.5 million now in the hands of the MTA will go towards the agency’s capital budget, joining the funds from other properties sold to raise money for infrastructure improvements, Crain’s reported. [Crain’s] — Julie Strickland