Bronx community board gives green light to massive resi complex

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

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

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
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Kushner CEO Laurent Morali (center) with Nicole Kushner Meyer and Jared Kushner (Kushner, Getty, Morali via Sasha Maslov)
Kushner Companies names Laurent Morali CEO
Kushner Companies names Laurent Morali CEO
HAP Investments CEO Eran Polack and 215-225 West 28th Street (HAP)
HAP sells stake in Chelsea apartments in deal valuing project at over $500M
HAP sells stake in Chelsea apartments in deal valuing project at over $500M
Hudson Yards (Getty, iStock)
City’s bet on Hudson Yards beginning to pay off
City’s bet on Hudson Yards beginning to pay off
VTS CEO Nick Romito and Lane Technologies CEO Clinton Robinson 
VTS to buy office-app developer for $200M
VTS to buy office-app developer for $200M
From left: Marisa Lago, Anita Laremont and Mayor Bill de Blasio (LinkedIn, Getty, Wikimedia)
Politics, City Planning on collision course
Politics, City Planning on collision course
arrow_forward_ios

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

Loading...