The South Bronx is sizzling

Chetrit and Somerset’s plans for a major resi development have hopes flying high

New York /
Mar.March 09, 2015 11:15 AM

The Mott Haven area of the South Bronx is bracing for rapid change, with the Chetrit Group and Somerset Partners leading the march to turn the waterfront industrial area into a residential haven.

Joseph Chetrit’s company and Keith Rubenstein’s Somerset recently spent a combined $58 million on two South Bronx sites, 2401 Third Avenue and 101 Lincoln Avenue, as TRD reported. The developers are planning up to six 25-story residential towers with ground-floor retail.

Smaller deals are will also help to change the face of the neighborhood — like Savanna and Hornig Capital Partners’ project at 2415 Third Avenue, an eight-story loft building that they plan to spend $12 million to refurbish, according to the Wall Street Journal.

“What we think we can do for the waterfront is set the tone for the next wave of developers,” Rubenstein told the newspaper.  “This [place] had character and already had a scene, so you are taking something good and adding to it.”

Douglas Harmon of Eastdil Secured also said that developers turning their attention to the Bronx makes sense, since development is becoming too expensive for many in Manhattan, Brooklyn and Queens.

The first phase of an analysis by the South Bronx Overall Economic Development Corp., released in November, found that the area could accommodate as much as 2.8 million square feet of affordable and market-rate apartments, 2.3 million square feet of office, retail and light manufacturing space and 1 million square feet of public space. [WSJ] — Tess Hofmann

 

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
Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
Chetrit Group falls behind on Soho portfolio mortgage
Chetrit Group falls behind on Soho portfolio mortgage
Innovo Property Group CEO Andrew Chung and 1110 Oak Point Avenue 1110 Oak Point Avenue. (New York Expo Center, Innovo)
Innovo Property Group aims to raise $140M for Bronx industrial site
Innovo Property Group aims to raise $140M for Bronx industrial site
Joseph Chetrit, Jordan Slone (Getty, NADLAN)
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
G&M Realty's David Wolkoff (Getty, 5Pointz LIC)
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
132-05 Avery Avenue, 902 55th Street in Borough Park and 750 Grand Concourse. (Google Maps)
Three landlords slapped with six-figure fines for carving up buildings
Three landlords slapped with six-figure fines for carving up buildings
arrow_forward_ios

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

Loading...