NEW YORK | 355-399 Exterior Street | 438 FT + 298 FT | 43 FLOORS

[chris08876]

The South Bronx could see another large
resi development: A new waterfront site with 300K buildable sf just hit the market

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.

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TRD

[chris08876]

Eminent domain used to secure total site.

[chris08876]

This could be a biggie!

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Two become one: Combined Mott Haven dev sites could bring 600K sf resi project

Pantheon Properties and Borden Realty have joined together to sell adjacent development sites in the South Bronx, The Real Deal has learned.

Pantheon previously put 399 Exterior Street, a former bus depot on the Harlem River, on the market, after the city moved to take part of it for a public park through eminent domain. The adjacent lot at 355 Exterior Street belongs to Borden and is similar in size.

The sites, which one source estimated might fetch in the neighborhood of $70 million, measure approximately 120,000 square feet in floor area and could give way to 600,000 square feet of residential development under current zoning regulations.

Ackman Ziff Real Estate brokers Marion Jones, Jason Meister and Chris Gillis are marketing the property. The group says the combined Exterior Street lots are the biggest New York City development site currently on the market, and with 725 feet of frontage on the Harlem River, have even more water frontage the Brookfield Properties’ nearby site at 2401 Third Avenue.

The Exterior Street site is also included in one of the new tax code’s “opportunity zones,” which could allow a potential investor to defer taxes on profits made from development for up to a decade.

“There’s a tremendous amount of opportunity zone fund money chasing scale,” Meister said. “This is a behemoth.”

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TRD

[chris08876]

Lightstone Grabs Potential 600K-SF Bronx River Parcel for $59M

The Lightstone Group closed today on a parcel of land that could be zoned for development as big as 600,000 square feet at 399 Exterior Street and 355 Exterior Street in the Mott Haven section of the Bronx for $59 million in an all-cash deal, Commercial Observer has learned.

The two sites—a former bus depot and an empty lot spanning 471,000 square feet—were being marketed together by a team from Ackman-Ziff, including Marion Jones, Jason Meister and Chris Gillis, for the land’s respective owners, Pantheon Properties (which owned 399 Exterior Street) and Borden Realty (which owned 355 Exterior Street). When The Real Deal first reported the properties were on the market last December, the brokers on the project said it was the largest development site on the market.

Lightstone handled the deal in-house, closing on the deal within seven days without putting the sale in contract. Meister told CO that there were about 12 bidders for the property, including “institutional and high-net worth New York City families.”

“Lightstone was very smart to propose a quick close,” Jones added; there were higher bids.

The sale comes on the heels of Lightstone grabbing a 99-year lease on another parcel at 475 Exterior Street earlier this month, where The New York Post reported that Lightstone paid River Edge Realty $30.1 million for the long-term lease. The site is separated by a park from the new parcel that Lightstone picked up today.

The sale today also marks a significant uptick in the value of the properties along the river; 475 Exterior traded in the low $70s per square foot, whereas 399 and 355 Exterior traded at $125 per square foot, according to Meister (although given the fact that one was a sale and the other was a long-term ground lease it’s not a perfect point of comparison).

Sources tell CO that all three addresses, when taken together, are zoned for approximately 1.5 million square feet of floor area.

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https://commercialobserver.com/2019/...arcel-for-59m/

[chris08876]

On a side note, in the high rise thread, there's a few posts that show increased high rise activity in the pipeline. New projects being proposed. Bronx is the next major boom spot, and activity is accelerating.

[Busy Bee]

Yep, the S. Bronx is going to look unrecognizable in 20 years. Just imagine how much faster though if Second Ave Subway was extended up Third to Fordham Rd. (T) to Fordham Rd, (Q) to 125th/Broadway

[chris08876]

Permits Filed For A 43-Story Tower At 355 Exterior Street In Mott Haven, The Bronx

Permits have been filed for a 43-story mixed-use tower at 355 Exterior Street in Mott Haven, The Bronx. Located off the Major Deegan Expressway between the 145th Street Bridge and Madison Avenue Bridge, the interior lot borders the Harlem River. Nearby transit includes the 138 Street-Grand Concourse subway station, serviced by the 4 and 5 trains and the 149 Street-Grand Concourse station, which is also serviced by the 2 train. The Lightstone Group under the 355 Exterior Street Associates LLC is listed as the owner behind the applications.

The proposed 400-foot-tall development will yield 692,749 square feet, with 555,582 square feet designated for residential space and 10,630 square feet for commercial space. The building will have 710 residences, most likely rentals based on the average unit scope of 782 square feet. The concrete-based structure will also have a cellar, a 74-foot-long front yard, 341 enclosed parking spaces, and 30 open parking spaces.

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NYY

[chris08876]

Via NYDOB Filing;

= = = =

Premises: 355 EXTERIOR STREET BRONX	Job No: 210182069
BIN: 2001079    Block: 2349    Lot: 46	Document: 01 OF 1

			
11  Job Description
TO ERECT NEW MULTI STORY, MULTI FAMILY BUILDING WITH TWO RETAIL SPACES, 710 CLASS A DWELLING UNITS AND ACCESSORY ENCLOSED PARKING AND OPEN PARKING FOR 30 MOTOR VEHICLES.
Related BIS Job Numbers:  
Primary application Job Number:  


13  Building Characteristics
			
Primary structural system:	        Masonry        Concrete (CIP)        Concrete (Precast)        Wood
        Steel (Structural)        Steel (Cold-Formed)        Steel (Encased in Concrete)

    Proposed		
Structural Occupancy Category:	    II - OTHER THAN I, III OR IV		
Seismic Design Category:	    CATEGORY B		
2014/2008 Code Designations?	
Occupancy Classification:	    R-2 - RESIDENTIAL: APARTMENT HOUSES	   Yes      No	
Construction Classification:	    I-B: 2 HOUR PROTECTED - NON-COMBUST	   Yes      No	
Multiple Dwelling Classification:	    HAEA		
Building Height (ft.):	    400		
Building Stories:	    43		
Dwelling Units:	     710

[chris08876]

Reference BIN: 2001079 in the future, schematics/diagrams will usually follow.

This is a big one.

[Hudson11]

this will be the tallest in the Bronx in a generation. Potentially the tallest.

[Antares41]

Originally Posted by Hudson11

this will be the tallest in the Bronx in a generation. Potentially the tallest.

Currently the two River Park Towers (just north on the Major Deegan) at 428ft and 44 stories are the tallest in the Bronx. Tracy Tower 1 is 41 stories and 400 ft. Still, this is great news for the Bronx and I'm sure more is coming.

[mrnyc]

interesting site -- this is in a no mans land just below 149st near hostos.

it will compliment the nearby new development just above the 145st bridge with the hip hop museum, which is supposed to open in 2023:

https://www.rollingstone.com/music/m...-bronx-930463/

[chris08876]

[Crawford]

Nice. The South Bronx is filling up with towers. And now we're getting a bit more height and bulk.

[Hudson11]

Pretty bland work by Hill West.

https://www.cityrealty.com/nyc/marke...istricts/52461

[NYguy]

I like it. They look like office buildings. Good for the Bronx.

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

[Busy Bee]

I agree, these look good. "Bland" as a result of trying to do less is empirically better then "bland" as a result of trying to do too much.

Stately, restrained, tasteful. Bravo.