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

TRD New York /
Dec.December 11, 2018 05:33 PM

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.


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
41 Haight Street in Flushing and 1290 Viele Avenue in Bronx (Google Maps; iStock)

Deal for pizza-pan manufacturer rounds out last week’s mid-market sales

Deal for pizza-pan manufacturer rounds out last week’s mid-market sales
Bronx-Manhattan North Association of Realtors' Eliezer Rodriguez and Hudson Gateway Association of Realtors' Richard Haggerty (Photos via Facebook)

New York’s biggest MLS gets bigger after merger

New York’s biggest MLS gets bigger after merger
AIG CEO Brian Duperreault and Brooklyn Navy Yard project, with Andrew Joblon and 980 East 149th Street (Turnbridge, Brooklyn Navy Yard)

These were the top outer-borough loans in September

These were the top outer-borough loans in September
Silverback's Josh Schuster and 580 Gerard Avenue (Google Maps) 

Silverback plans 200-unit South Bronx Opportunity Zone project

Silverback plans 200-unit South Bronx Opportunity Zone project
Manhattan Institute’s Kay Hymowitz and Bronx Community Board 6 district manager John Sanchez

Is gentrification a blessing or a curse? New Yorkers discuss

Is gentrification a blessing or a curse? New Yorkers discuss
arrow_forward_ios

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

Loading...