JCS Realty buys trio of South Bronx sites
for $28M

Firm is planning a 520-unit resi project at the site, sources said

New York /
Nov.November 05, 2018 05:00 PM

From left: 296, 310 and 334 Grand Concourse in the Bronx (Credit: Google Maps)

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.

Maddd Equities and Joy Construction are planning an affordable housing project north of the sites at 1184 River Avenue, and the nonprofit Community Access is spearheading one at 1159 River Avenue.


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 
Prana pays Related $36M in Bronx multifamily play
Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)
Private developer’s NYCHA project in Mott Haven lands $79M in financing
Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)
Maddd Equities, Joy Construction score $64M for massive Bronx project
Maddd Equities, Joy Construction score $64M for massive Bronx project
L-R: Savanna's Chris Schlank, Eastdil Secured's Will Silverman, JLL's Bob Knakal (Photos by Paul Dilakian)
Office royalty talk conversions, distress and the “downsize upgrade” trend
Office royalty talk conversions, distress and the “downsize upgrade” trend
Columbia Property Trust's Nelson Mills and 799 Broadway (Columbia Property Trust, 799 Broadway, iStock)
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
East End Capital's Jonathon Yormak and 141 East Houston Street (141 East Houston Street, East End Capital)
Boutique LES office scores blockchain firm as anchor tenant
Boutique LES office scores blockchain firm as anchor tenant
Vice Media CEO Nancy Dubuc and 225 Broadway (Getty Images, Google Maps, iStock)
Refinery29 subleasing at 225 Broadway for move in with Vice
Refinery29 subleasing at 225 Broadway for move in with Vice
Naftali Group's Miki Naftali, BRP Companies' Meredith Marshall (Photos by Paul Dilakian)
Miki Naftali, Meredith Marshall talk development, death of 421a
Miki Naftali, Meredith Marshall talk development, death of 421a
arrow_forward_ios

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

Loading...