Bronx community board gives green light to massive resi complex

Lower Concourse North could feature up to 1,000 new units

TRD New York /
May.May 25, 2017 03:20 PM

Lower concourse north site (Credit: South Bronx Overall EDC, click to enlarge)

A Bronx local community board approved the rezoning of a massive site on the Harlem river, potentially paving the way for a 1000-unit complex to be built.

The rezoning of Lower Concourse North, a 158,000-square foot city-owned development site, could allow for a new affordable housing complex and acres of new parkland, Crain’s reported. The board made a list of the changes it wants, and the plan is now before Bronx borough president Ruben Diaz Jr., who will address it in the coming weeks, according to the publication.

No developer has been selected for the project as yet, and council speaker Melissa Mark-Viverito will have the final say on the project.

Critics of the project say the city is not adequately replacing the green space that was lost in the construction of Yankee stadium.

Last year, real estate investors pumped $3.3 billion into the Bronx. However, while sellers in the area have made big profits, a recent analysis from The Real Deal showed that many of the buildings aren’t generating nearly enough income to keep pace with the sales prices. [Crain’s]Miriam Hall


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Finger and Finger principal Kenneth Finger and landlord activist Jeff Hanley with Westchester (Credit: iStock)

Westchester group lobs its own constitutional challenge to New York’s rent law

Kings Plaza Shopping Center and JPMorgan's Jamie Dimon 

Macerich lands nearly $500M refi for Kings Plaza Shopping Center

WeWork's Artie Minson and Managed by Q's Dan Teran 

WeWork in talks to sell off Managed by Q to free up some cash

(Credit: iStock)

What you need to know about investing in healthcare real estate

Square Mile Capital's Craig Solomon and Hope Street Capital's Sha Dinour with renderings of 550 Clinton Avenue in Brooklyn (Credit: Getty Images and Morris Adjmi Architects)

Square Mile Capital provides $180M loan for Brooklyn tower

arrow_forward_ios