Discounts luring scores of national retailers to the East Bronx

With asking rents at around $90 per foot, big box operators setting up shop outside Manhattan

TRD New York /
Jun.June 04, 2014 09:00 AM

The shopping renaissance in the East Bronx continues to roll along, with multiple large-scale retail projects in various stages of development.

Prestige Properties & Development, the developer of The Bay Plaza Shopping Mall, is building a suburban style mall, the city’s first new enclosed mall in four decades. The 780,000-square-feet mall is located at Hutchinson River Parkway and I-95, where hundreds of thousands of cars pass every day.

The mall, adjacent to The Bay Plaza stripmall, is expected to open in August.

Throggs Neck Shopping Center, a Gun Hill Square (on the west side of I-95) open-air retail center and an outlet center at the Whitestone Multiplex site are also being developed in the same area.

Gun Hill Square will be a two-story retail project, between 350,000 and 425,000 square feet, aimed at pedestrians and comprised of “six mini-blocks,” Drew Greenwald, a principal at Grid Properties told the Commercial Observer.

A three-level, 160,000-square-foot Macy’s as well as the already existing 166,000-square-foot J.C. Penney will be the mall’s anchor stores, according to the Observer.

David Scotto, a vice president at NAI Friedland, told the Observer that he is confident about the Bronx. He said that new large scale retail developments are getting $80 and $100 per foot asking rents.

“The national retailers are seeing potential, because the sites are more affordable than in Manhattan and you have a great amout of population density here,” Scotto told the Observer. “They are seeing value in it.”  [NYO] — Claire Moses


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

Maddd Equities, Joy Construction score $64M for massive Bronx project
1323 Boston Road, Jeff Fox (Credit: Google Maps)

Foxy Management plans another Bronx senior housing project

Foxy Management plans another Bronx senior housing project
RXR Realty's Scott Rechler and 2413 Third Avenue in the Bronx (Credit: Getty Images; Google Maps)

RXR planning 200-unit South Bronx project

RXR planning 200-unit South Bronx project
60 Norfolk Street and 1607 Surf Avenue (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC
From the top: 1600 Macombs Road, 625 Brook Avenue and 2082 Boston Road in the Bronx (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC
1073 Summit Avenue in the Bronx and Stagg Group CEO Mark Stagg (Credit: Google Maps)

Stagg Group to build 105-apartment complex in Highbridge

Stagg Group to build 105-apartment complex in Highbridge
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...