Hub retail development stalls as Triangle allegedly seeks better deal

July 09, 2012 04:30PM

Triangle Equities and the city are in dispute over a $35 million development in the South Bronx. That is delaying plans for the project and potentially threatening its future, the New York Daily News reported. The project encompasses the development of two buildings in the Hub shopping district. The structures will house retail, office space, a school and a supermarket atop two city-owned plots of land.

Citing the city’s Economic Development Corp., the Daily News said Triangle is now demanding public subsidies and wants the Bloomberg administration to cut the price of the property by $4 million dollars — to $2.2 million from $6.2 million. Triangle was due to close on these plots in May, but asked for renegotiations instead.

Elysa Goldman, Triangle’s development director, told the News the project is “still moving forward” and denied that the developer is waiting for a $4 million price cut. She said the actual sale price is still part of ongoing discussions and the impasse between the two sides will eventually calm down.

“Triangle is absolutely committed to this and we believe that we can provide this very community-based development,” Goldman told the Daily News. [NYDN]