The Real Deal New York

Developers making moves around Kingsbridge Road Armory

Hotels among real estate players dipping their toes into the neighborhood
July 23, 2014 03:10PM

Developers are paving the way for change along Kingsbridge Road ahead of a $320 million project to transform the street’s armory into an ice skating complex.

After merchants at a nearby shopping center saw their rents double, the Norwood News reported that that building’s property manager is not the only actor making moves.

“Because of the renewed interest in the Kingsbridge Armory, there has been ancillary [developers] like hotels coming and snooping around the area trying to develop a hotel concept in the area to support the Armory and tourist attraction interest,” Steven Lorenzo, a realtor with NAI Friedland, told the paper. “We’re gonna start seeing those areas along Jerome Avenue and Kingsbridge being utilized for new retail and housing opportunities, creating a different community.”

The shopping center’s property manager, Levites Realty Management, has extended its lease on the building and is advertising rents of $100 per square foot for merchants that sign a one-year lease, according to the paper. One current tenant, New Capital Restaurant, said its rent jumped from $7,500 to $14,000 per month under the terms of a new lease. [Norwood News] — Tom DiChristopher