A sizable multifamily project is headed for the Bronx.
Astoria-based Mega Contracting Group filed plans for a 213-unit multifamily project at 521 East Tremont Avenue in the Bronx’s Crotona neighborhood, Crain’s reported. The 212,000-square-foot property will stand 14 stories and 144 feet tall.
A three-story mixed-use building needs to be removed from the site, though demolition permits have yet to be filed. The incoming property will also have 17 parking spaces. SLCE Architects is the architect.
While there’s no timeline or cost projection for the project, it’s one of the few developments larger than 100 units to emerge in New York City this year.
The rise in interest rates and lack of a replacement for the expired 421a tax break virtually wiped out multifamily development in the city as companies struggled to find financing for their projects. In the first eight months of the year, there were only 20 projects filed with at least 100 units, according to the Real Estate Board of New York. Fewer than four such projects were filed per month over the summer.
Gov. Kathy Hochul has tried to bring a replacement for 421a online, but the effort has been limited to a narrow program in Brooklyn’s Gowanus neighborhood as some politicians rail against what they perceive as a government handout to developers.
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Mega Contracting is one of the few firms able to piece together a large project since the 421a program was sunset last June. A year ago, it teamed with Manhattan-based Ettinger Engineering Associates on a project in Astoria that will include Queens’ first planetarium.
The state provided $1 million for the project, which will also include 229 affordable apartments, some designated for foster kids who are aging out of the system. Construction on the project is slated to begin this year.
— Holden Walter-Warner