The Real Deal New York

Treetop changes plans for two-building South Bronx project

Property at 414 Gerard Avenue will be mix of affordable and market-rate units
By Eddie Small | January 16, 2018 12:35PM

Rendering of 414 Gerard Avenue (Credit: Woods Bagot)

Treetop Development is slightly shifting its plans for the South Bronx.

The company announced last year that it would build a pair of 12-story residential buildings in Mott Haven,a development expected to cost about $160 million, but it now plans to bring 11- and 14-story buildings to the site instead, according to Treetop’s Azi Mandel and filings with the Department of Buildings.

Treetop filed plans for the 11-story building on Tuesday, which will bring 134 units to 414 Gerard Avenue. It will span about 92,000 square feet, split between 87,494 square feet of residential space and 4,271 square feet of commercial space. The 14-story building will be located across the street and contain about 300 units, according to Mandel.

Rendering of 414 Gerard Avenue (Credit: Woods Bagot)

Both buildings will be rentals with a mix of market-rate and affordable units, although Treetop is still deciding whether to do an 80-20 or a 70-30 split. The company hopes that people will be able to move into 414 Gerard Avenue in 18 to 24 months, and the building across the street is about a year behind that.

“We’re excited,” Mandel said, “and I hope we start a trend for new construction for the middle class.”

In the past year, Treetop purchased a four-building rental complex in Far Rockaway for $135 million, and a pair of adjacent East Flatbush rental buildings for $25 million.