The Real Deal New York

Bumpy road ahead for Jerome rezoning proposal

Investment opportunities in the area seem slim
November 22, 2016 09:37AM

167th Street Station in the Bronx and Bill de Blasio

167th Street Station in the Bronx and Bill de Blasio

The mayor’s plans to rezone a large portion of Jerome Avenue in the Bronx are charging forward, but there’s already a few speed bumps ahead.

Many of the landlords along the 73-block stretch don’t appear eager to sell their properties to make way for new residential projects, Crain’s reported. Developers of new residential projects in the rezoned district would be required to make at least 25 percent of their apartments affordable as part of the Mandatory Inclusionary Housing program.

“A lot of the landlords have been there for 20, 30, 40 years,” Michael Gilbert, a broker at Gilco Realty, told Crain’s. “They’re not really looking to sell.”

Community activists are also concerned that the rezoning will displace local businesses and argue that the affordable housing requirement doesn’t go far enough.

The City Council in April unanimously approved the rezoning of East New York, but proposals in other neighborhoods — including Inwood — have fallen flat. The Department of City Planning launched efforts to rezone Jerome Avenue in August and just closed the public commenting period for the proposal. Plans are also afoot to rezone Gowanus to increase residential development in the neighborhood.  [Crain’s]Kathryn Brenzel