In a borough where market-rate condominiums are a rare breed, Tahoe Development just filed an offering plan for a 47-unit development in the South Bronx.
The Joinery at 225 East 138th Street in Mott Haven has a total projected sellout of $25.3 million, according to a new filing with the New York state Attorney General’s office. While not huge by Manhattan standards, the average sales price works out to nearly $540,000 per apartment.
Tahoe, led by Anthony Gurino, bought the site for $2.8 million in 2015, property records show. After demolishing a two-story factory on the property, Gurino initially planned a 10-story rental building. Last year, he reportedly changed course and will construct a seven-story structure with ground-floor retail.
In September, the developer landed a $9.7 million construction loan from Investors Bank, according to property records.
Although developers are increasingly looking at the Bronx, they mostly ignored the borough during the last condo cycle, The Real Deal reported last year. Just four condo projects were accepted by the attorney general between 2012 and 2015, compared with 45 projects approved between 2005 and 2008.
The Chetrit Group and Somerset Partners are working on the first phase of their massive market-rate residential rental development in the South Bronx.