JCS Realty has purchased three neighboring South Bronx sites along Grand Concourse, where they are planning to build a residential project with 520 units, according to property records and sources familiar with the deal.
A group of investors including Henry Kessler sold the properties at 296, 310 and 334 Grand Concourse to JCS Realty for a total of $27.7 million, split between $7.9 million for 334 Grand Concourse, $9.5 million for 310 Grand Concourse and $10.3 million for 296 Grand Concourse. The investment group previously purchased 296 and 310 Grand Concourse in 2008 for a total of $5.1 million and 334 Grand Concourse in 2002 for an unclear price.
The sites currently consist of two parking facilities at 296 and 310 Grand Concourse and a one-story commercial building at 334 Grand Concourse, and they are located between East 138th and East 140th Streets. JCS’ project will likely stand 12 stories tall and span about 400,000 square feet, and the company is still deciding whether the units will be affordable or market-rate, sources said.
JCS purchased the properties through a pair of LLCs that are all addressed at 199 Lee Avenue, Suite 103, which is the same mailing address for JCS Realty Group on file with the New York Department of State. The Williamsburg building is known for being home to more than 1,000 LLCs.