Developers making moves around Kingsbridge Road Armory

Hotels among real estate players dipping their toes into the neighborhood

New York /
Jul.July 23, 2014 03:10 PM

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


Related Articles

arrow_forward_ios
Citibank is nearing a deal to fund the Kingsbridge Armory conversion

Citibank is nearing a deal to fund the Kingsbridge Armory conversion

Citibank is nearing a deal to fund the Kingsbridge Armory conversion
State of the State: Cuomo boosts Kingsbridge Armory project, blames legislature for holding up affordable housing funds

State of the State: Cuomo boosts Kingsbridge Armory project, blames legislature for holding up affordable housing funds

State of the State: Cuomo boosts Kingsbridge Armory project, blames legislature for holding up affordable housing funds
Judge offers solution to Kingsbridge Armory squabble

Judge offers solution to Kingsbridge Armory squabble

Judge offers solution to Kingsbridge Armory squabble
Messier prays city will see light on Kingsbridge Armory dispute

Messier prays city will see light on Kingsbridge Armory dispute

Messier prays city will see light on Kingsbridge Armory dispute
Kingsbridge Armory developers reject city’s compromise offer

Kingsbridge Armory developers reject city’s compromise offer

Kingsbridge Armory developers reject city’s compromise offer
City extends deadline for Kingsbridge Armory developer

City extends deadline for Kingsbridge Armory developer

City extends deadline for Kingsbridge Armory developer
Deadline approaches for Kingsbridge Armory developer to show city it has $158M

Deadline approaches for Kingsbridge Armory developer to show city it has $158M

Deadline approaches for Kingsbridge Armory developer to show city it has $158M
Kingsbridge Road tenants receive up to 100 percent rent hike

Kingsbridge Road tenants receive up to 100 percent rent hike

Kingsbridge Road tenants receive up to 100 percent rent hike
arrow_forward_ios

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

Loading...