Gilbane inks $49M 99-year lease at pair of Bronx sites

Company landed lease for 2251 Webster Avenue and 2244 Tiebout Avenue

New York /
Nov.November 07, 2018 02:47 PM

From left: 2251 Webster Avenue and 2244 Tiebout Avenue (Credit: Google Maps)

Gilbane Development Company has signed a $49.1 million lease at two adjacent city-owned sites in the Bronx.

New York City Housing Authority is leasing 2251 Webster Avenue and 2244 Tiebout Avenue to Gilbane for 99 years, according to records filed with the city Wednesday. The Webster Avenue parcel is currently vacant, while the one on Tiebout Avenue houses a 10-story, 312-unit apartment building.

The properties appear to be part of NYCHA’s Twin Parks West project, which according to city documents calls for the creation of between 150 and 200 new affordable apartments in partnership with the city’s Department of Housing Preservation and Development.

In January, NYCHA announced it had chosen Gilbane, Dantes Partners and the Kraus Organization to partake in a separate initiative meant to update and preserve hundreds of affordable units — Twin Parks also being a part of that. Renovations to the existing units in the Webster Avenue building are being done through the federal Rental Assistance Demonstration program, according to NYCHA.

Gilbane said in a statement that it is planning to undertake “a significant renovation of the property that will include upgrading apartment kitchens, bathrooms, flooring, lighting fixtures and new windows as well as property upgrades including façade repairs, roof repairs, renovation of community spaces, and site improvements including new play equipment and landscaping.”

Gilbane is funding its ground lease acquisition with a $59.2 million loan from KeyBank.

Nearby, UA Builders recently filed plans for a 91-unit, 13-story building at 2047 Ryer Avenue that will span about 61,000 square feet.


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
Madison Realty Capital's Josh Zegen, 1580 Nostrand Avenue and Hello Living CEO Eli Karp (Madison Realty Capital, Hello Living)
Madison Realty Capital aims to foreclose on Hello Living’s 1580 Nostrand Ave
Madison Realty Capital aims to foreclose on Hello Living’s 1580 Nostrand Ave
Isaac Kassirer and his properties at 1187-97 Anderson Ave., 1220 Shakespeare Ave., and 1210 and 1230 Woodycrest Ave. (Google Maps)
His portfolio decimated, Isaac Kassirer gets creative with rents
His portfolio decimated, Isaac Kassirer gets creative with rents
45 South Grove St in East Orange (Rendering via Progress Capital)
Hero Construction lands $20M loan to build East Orange apartments
Hero Construction lands $20M loan to build East Orange apartments
The rise of e-commerce, fueled by the pandemic, has created unprecedented demand for cardboard-producing facilities. (iStock)
Cardboard demand could fuel an industrial real estate boom
Cardboard demand could fuel an industrial real estate boom
Revitalization Initiatives for the Hampton Bays (South Hampton Town Gov.)
NIMBYs plague rezonings in the Hamptons, too
NIMBYs plague rezonings in the Hamptons, too
arrow_forward_ios

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

Loading...