The Real Deal New York

The South Bronx could see another large
resi development

A new waterfront site with 300K buildable sf just hit the market
November 29, 2018 10:15AM

399 Exterior Street in the Bronx (Credit: Pantheon Properties)

Another development site could be joining the South Bronx’s residential boom.

The waterfront property at 399 Exterior Street is on the market, with owner Pantheon Properties aiming to get more than $30 million for it, Crain’s New York reported. The site has room for about 300,000 square feet of residential space.

“This is one of the last large scale residential development sites that is available along the water in Mott Haven and we believe demand will be strong,” said Jason Meister, an Ackman Ziff sales broker marketing 399 Exterior Street. “The feeling right now among residential developers is there isn’t a lot of upside in most markets in the city. But the South Bronx is one of the few areas where builders still see opportunity for growth.”

The lot is currently used for parking — and is less than a mile away from the sites Brookfield Property Partners acquired earlier this year. Brookfield is developing one of the largest projects in the Bronx, with plans for about 1,300 new apartments at 2401 Third Avenue and 101 Lincoln Avenue.

Meister told Crain’s the site has also drawn interest because it’s in an Opportunity Zone. [Crain’s] — Meenal Vamburkar