NEW YORK | Bankside | 6 Towers @ 40 + 25 FLOORS (5000 Units)

[chris08876]

Big development in store.


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Chetrit Group can build 800K sf project in the Bronx

The Chetrit Group just bought a block-long site in the Bronx for $32 million, in a deal that allows the developer to build a project of up to 800,000 square feet. Chetrit partnered with Somerset Partners, according to sources.

The 133,000-square-foot lot at 101 Lincoln Avenue is zoned for both
residential and manufacturing use. It currently houses a 57,000-square-foot Oz Moving warehouse and a 83,000-square-foot yard. It includes 518 feet of frontage on the Harlem River and 333 feet along Bruckner Boulevard in the South Bronx, according to the listing with CBRE’s John Reinertsen.

Gerosa Inc., a Bronx-based crane company and long-time owner of the site was the seller according to city records. The site was asking $35 million.
The lot is located close to the Harlem River Yards, where FreshDirect is planning to open its warehouse.

Eastdil Secured’s Doug Harmon and Adam Spies represented the buyers.
A representative from the Chetrit Group was not immediately available for comment. Reinertsten declined to comment.

Though it seems the city may be up to its neck in new rental inventory now, two or three years down the line may be a different story. The Chetrit Group and Somerset Partners are counting on the return of a strong market that will continue to drive locals to a once forlorn section of the South Bronx. Last year, the team began construction on a sweeping, two-parcel master plan that will eventually comprise of 6 residential towers and a waterfront park.

The development’s two lots are bisected by the Third Avenue Bridge and anchor the western terminus of Bruckner Boulevard. Last year, we revealed the approval of the plan’s first three buildings on Chetrit’s western parcel at 2401 Third Avenue. Now, a rendering of the towers on the team’s second parcel at 101 Lincoln Avenue has emerged.

According to a yet-to-be-approved building application filed last year, 101 Lincoln Avenue will hold three 25-story buildings with 826 units spread across them. The rendering from the expediters at JM Zoning show that two of the buildings will hug the Harlem River and a third will rise inland along Bruckner Boulevard. Goldstein Hill & West (now Hill West) is listed as the architects of record. Per the rendering, playful exteriors are composed of an assortment masonry, colors and fenestration treatments.

The waterfront esplanade fronting Chetrit’s towers may one day stretch north to Mill Pond Park upon the build-out of other parcels in the upzoning area. In 2009, the Department of City Planning established the Special Harlem River Waterfront District to ensure the waterfront from East 149th Street to Park Avenue would be redeveloped with appropriate uses and buildings for the area. Chetrit's parcels. A full build-out of the district is expected to yield roughly 5,000 units in building's up to 40-stories tall.

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1) https://therealdeal.com/2014/12/04/c...t-in-the-bronx
2) https://www.cityrealty.com/nyc/marke...ln-avenue/9141

[NYguy]

The South Bronx's time to shine.

[chris08876]

Originally Posted by NYguy

The South Bronx's time to shine.

The next major boom spot right next to Queens which I think will eclipse Brooklyn. I guess we'll find out once unit counts come for the latest Quarter.

The new 421a plan will also aid the area. Bronx will be a target spot for affordable housing. Plus, recently, there are calls to rezone the Bronx to allow for high density and height.

[steyin]

Official Renders and more info

[chris08876]

A whole new mini skyline rising. I think the S.Bronx will go the way of LIC.

[jayden]

Cute.

[Crawford]

The South Bronx has few NIMBYs, great subway access to Manhattan, and is much nicer than stereotyped. There are some very nice brownstone blocks and interesting loft areas.

Crime is lower than Brooklyn, contrary to stereotype. And land is still relatively cheap.

If I were investing in NYC land/buildings, I would bet on the South and West Bronx as the best investments in the city. Great urban form, high density (really comparable to Manhattan moreso than Brooklyn) and still relatively unknown. Once the old 1970's stereotypes die off, there's no reason the South Bronx shouldn't be as desirable as other areas next to Manhattan.

[Busy Bee]

^Here here!

I'm really looking forward to interest and land values to get to the point where the (often hideous) multitude of 1990's-2000s Fedders row SFH's/2FH's and other low density developments that replaced former multi-family buildings destroyed during the arson years are bought out and have their lots returned to the density that once existed. Exciting times ahead for the S. Bronx for sure.

[Hamilton]

Originally Posted by Crawford

The South Bronx has few NIMBYs

You'd be surprised. NIMBYs are everywhere in the city, driving up the cost of housing everywhere: http://www.welcome2thebronx.com/word...nt-high-rises/

Fortunately, these towers are as-of-right, so the NIMBY nuts won't be able to stop it. The Jerome Ave rezoning, which they are fighting, might not be so lucky, unfortunately.

PS Chris, you should change the title to clarify that these 6 towers will only contain 1279 units. 5000 units is the total for the entire zoning district, including lots that don't have definite proposals yet.

YIMBY has a great, very informative article on the development:

http://www.yimbynews.com/2017/03/rev...l-project.html

[NYguy]

https://therealdeal.com/2017/03/30/c...x-megaproject/

Chetrit, Somerset seeking $500M loan for Bronx megaproject
Financing would be among largest ever for private resi development in the borough




By Mark Maurer
March 30, 2017

The Chetrit Group and Somerset Partners are in the market for a construction loan of up to $500 million for a seven-building, 1,300-unit rental complex in Mott Haven, The Real Deal has learned. The South Bronx complex is slated to cost over $600 million, according to Somerset’s Keith Rubenstein, with the partnership team set to cough up between $100 million to $150 million in equity.

.....The developers plan to break ground on the site in the next month even if the loan isn’t in place by then, Rubenstein said.

The complex will consist of three buildings – two rising 25 stories and one 16 stories – at 2401 Third Avenue, and four buildings – three rising 24 stories and one 22 stories – at 101 Lincoln Avenue. The construction will proceed in two phases and is slated to wrap up in late 2019.

[chris08876]

Somerset and Chetrit will break ground on seven-building Bronx project within a month

Somerset Partners and the Chetrit Group will start construction on their seven-building South Bronx development within a month. The news comes as a small aside in a New York Times piece about a boxing gym in the South Bronx, one of several businesses in the area incubated by developer Keith Rubenstein of Somerset Partners in the lead up to the development.

The project, the biggest private development in Bronx history, has made news over the past year for several hiccups that angered Bronx residents. In 2015 a billboard billing the area as The Piano District incited anger and sparked gentrification fears. In late 2015, a Port Morris warehouse party celebrating the development amid staged burned-out, bullet-ridden cars and other reductionist tropes of the old Bronx drew ire from the community and elected officials.

“We tried to move on from the party,” Rubenstein told the Times. “The party was a misunderstanding from what we were trying to achieve. I take responsibility for it.”

Although construction has yet to commence at the 1.3 million square foot site, the Times says Rubenstein has already invested in six businesses in the area surrounding 101 Lincoln Avenue and 2401 Third Avenue: Filtered Coffee, La Grata pizzaria, a boutique called 9J owned by Bronx designer Jérôme LaMaar, streetwear label Famous Nobodys, Bronx Artspace, and the Bronx Museum. The development will also usher in an affordably priced food hall developed by Somerset called Bruckner Market.

Curbed previously reported that at 2401 Third Avenue the development team is planning a 25-story standalone tower, and a 25-story and 16-story building that will sit on top of an eight-story base. This phase of development will include 430 rentals that will come in studio through three-bedroom variants. There are also plans for a 175-car garage.

At 101 Lincoln Avenue, the development team will build three 24-story buildings, and a 22-story building that will sit on top of a six and seven-story base. This phase will include 849 apartments, along with 20,500 square feet of retail and 1,100 square feet of community space. Hill West Architects are designing the project. Previous reports say the entirety of the project will include market-rate apartments.

The development team has also planned a 25,500-square-foot, publicly accessible waterfront esplanade along the Harlem River, an area that’s now not easily accessible by the public. Construction on the Third Avenue site is expected to wrap in the summer of 2019.

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CBNY

[chris08876]

New Rendering:


Credit: City Realty

[Prezrezc]

Bronx Trek: The Final Frontier.

Coming to an underdeveloped borough near you.

[Busy Bee]

More of this please

[tdawg]

Love the new rendering. I always forget how close this area is to me, just on the other side of the TriBoro Bridge from Astoria.

[dc_denizen]

the harlem riverfront could be really nice..this makes total sense. very cool.

[Busy Bee]

The 2020's are really going to bring 20/20 vision in that I think the Bronx is going to see an explosion of development that will really show just how much potential it has had all along. The Bronx is somewhat unique in that so much of it is already 6-7 apartment buildings, so I think unlike Brooklyn, taller projects will be the norm on empty/SFH/underutilized/rezoned lots. The amount of potential re-development taking a one story retail block and converting it to 10+ stories are many all over the Bronx. And on top of that, I think we will see highrises up and down the Harlem River as well as scattered around elsewhere which will be much easier to do than it would in Brooklyn or Queens.

[vandelay]

The Bronx also has a huge concentration of Art Deco apartments. Once those begin to be restored it'll be a fine stock of housing.

[chris08876]

The S.Bronx and places like Inwood and Washington Heights are quite nice. Granted the S.Bronx has its history, but its changing day by day. Not the same place that is was 3 decades ago.

I still think there is that negative stigma floating around about the Bronx, but give it time, it will change.

[steyin]

That rendering isn't new, it's been on the architect's website since the others were released months back.