The Real Deal New York

City uses eminent domain to take part of Pantheon’s South Bronx dev site

A park was promised as part of a 2009 rezoning of Lower Concourse in the South Bronx
By Will Parker | December 11, 2018 05:33PM

399 Exterior Street and adjacent lots in the Bronx

A slice of Pantheon Properties’ large South Bronx development site now belongs to the government, records filed with the city’s Department of Finance late last month show.

In January, Pantheon lost its appeal of the city’s decision to use eminent domain on 60,000 square feet of its property, a former bus depot, at 399 Exterior Street, in order to make way for a new public park.

It’s unclear what consideration will be paid to Pantheon by the city for the land. Pantheon did not respond to a request for comment.

The park, referred to as the “Lower Concourse Neighborhood Waterfront Park” in transaction documents, has been in the works since before the 2009 rezoning of the Bronx neighborhood.

In addition to 399 Exterior street, the city now owns two other lots on the same block, totaling an additional 38,000 square feet.

Crain’s previously reported that Pantheon’s development site, which is prime for residential construction, is for sale at a time when construction activity in the South Bronx is rising. It offers more about 300,000 buildable square feet. Ackman-Ziff’s Jason Meister, Marion Jones and Chris Gillis are marketing the site are representing the owner and hopes to get approximately $30 million for the land.

The property, which is included in one of the tax-sheltering “opportunity zones” recently created by Congress, is close to Brookfield Property Partners 1,300-unit residential development site at 2401 Third Avenue.

A spokesperson for the city’s Economic Development Corporation said the park does not yet have a projected completion date.