NEW YORK | Bankside | 6 Towers @ 40 + 25 FLOORS (5000 Units) - Page 2

chris08876 · #21 Posted **Apr 4, 2018, 11:52 PM**

Brookfield buys Bronx residential project for $165M

Quote:

In a boost for The Bronx, an upscale, nearly shovel- ready residential project along the South Bronx waterfront is being sold to Brookfield for around $165 million.

Assembled by the Chetrit Group and Keith Rubenstein’s Somerset Partners, the 1.3-million-square-foot development will rise on both sides of the Third Avenue Bridge over the Harlem River, due south of Yankee Stadium.

Designed by Hill West Architects, the two sites include 101 Lincoln Ave., with 849 apartments and four retail stores, and 2401 Third Ave., with 404 units. Both have parking and amenities that include more than 850 feet of public esplanade along the river.

It is likely that Brookfield’s designers would collaborate to tweak the design.

The project has been in the planning stages for several years and was marketed by Douglas Harmon and Adam Doneger of Cushman & Wakefield.

“Brookfield’s fine-tuned big-deal radar combined with their proven pioneering instincts make them one of the most creative and dependable investor-developers in the world,” said Harmon, who declined to discuss pricing or other specifics of the deal. “They will be great stewards for the site.”

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https://nypost.com/2018/04/03/brookf...ject-for-165m/

chris08876 · #22 Posted **Sep 8, 2018, 7:29 PM**

Here are the details of Brookfield’s first Bronx development

Quote:

Brookfield Property Partners plans to make 30 percent of its massive South Bronx development affordable housing.

The company officially closed on its $165 million purchase of 2401 Third Avenue and 101 Lincoln Avenue from Somerset Partners and the Chetrit Group on Wednesday, according to representatives for Brookfield and Somerset. The parcels span 189,000 square feet of land in Mott Haven, and Brookfield will build about 1,300 residential units on the site across seven buildings.

Brookfield plans to construct 462,000 gross square feet of development at 2401 Third Avenue, with the planning and design taking place over the next nine to 12 months. The company intends to break ground on the site during the second quarter of 2019 and open the building in 2021’s third quarter.

Doug Harmon and Adam Doneger of Cushman & Wakefield brokered the deal.

At 101 Lincoln Avenue, Brookfield is planning 950,000 gross square feet of development and expecting to start construction late next year.

The project will also include a waterfront park and promenade spanning 850 linear feet.

Chetrit and Somerset spent $58 million to acquire the two South Bronx sites, but news broke this spring that they would be selling them to Brookfield. The deal was initially expected to close in June.

The number of units and buildings is the same as Somerset and Chetrit had planned, but those companies had planned to make the entirely project market-rate.

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TRD

chris08876 · #23 Posted **Dec 5, 2018, 12:09 AM**

This will be largest development in Bronx at the moment. Area is heating up.

NYguy · #24 Posted **Dec 5, 2018, 12:47 AM**

Lot of development going on in the South Bronx right now...

https://www.wsj.com/articles/the-bro...aby-1518606000

Zapatan · #25 Posted **Dec 5, 2018, 1:08 AM**

Wow nice!

Busy Bee · #26 Posted **Dec 5, 2018, 1:56 AM**

The city is really shooting themselves in the foot for not getting the SAS up to at least 138th St during the second phase. It's going to be just that much more expensive and that much more disruptive once this and other major developments are finished and filled. Not to mention the additional overcrowding burden on the Lex line. Typical.

steyin · #27 Posted **Dec 5, 2018, 3:01 PM**

Big changes coming for these projects.

Busy Bee · #28 Posted **Dec 5, 2018, 4:15 PM**

Quote:

Originally Posted by steyin

Big changes coming for these projects.

for or with ? Have some new info?

chris08876 · #29 Posted **Dec 5, 2018, 7:05 PM**

Its in NYC's benefit for the Bronx to boom. Tons of development potential. Folks often forget that the Bronx is extremely urban and dense. I'd say next to Manhattan, the Bronx offers the 2nd best "urban" experience. More so than Brooklyn which is overrated (I like Queens more IMO). Its just a dynamic place (Bronx).

I think ferry routes and increased volume of ferries could cater to the transit demand. Transit is always the limiting reagent in any large scale development from an optimization standpoint.

Whats good about the Bronx rising is that its furthering the power distribution in the city. No longer is Manhattan the stranglehold of power. Its overtime being spread out, to the point where places like Brooklyn and Queens are becoming more of "the city" per say.

steyin · #30 Posted **Dec 6, 2018, 3:22 PM**

Quote:

Originally Posted by Busy Bee

for or with ? Have some new info?

For. Same number of towers, but new owners on it so... It's in good hands with Brookfield.

I imagine news will come in January.

chris08876 · #31 Posted **Dec 6, 2018, 4:02 PM**

Yeah Q2 2019 groundbreaking planned. We should hear more juicy details as Q1 arrives.

Hudson11 · #32 Posted **Mar 9, 2020, 10:28 PM**

As mentioned above Brookfield has taken charge of the project, rebranded it Bankside and it is under construction. Permits indicate the towers will be 25 floors and around 210'

photo by me from yesterday

chris08876 · #33 Posted **Oct 14, 2020, 1:14 AM**

Credit: bkhights

chris08876 · #34 Posted **Jun 28, 2021, 5:45 PM**

Credit: Michael Young via NYY

chris08876 · #35 Posted **Jun 28, 2021, 5:48 PM**

Modified title to: NEW YORK | Bankside | 6 Towers @ 40 + 25 FLOORS (5000 Units)

Bankside being the rebranding. Dealing with 2401 Third Avenue and 101 Lincoln Avenue.

As we can see with NYC, a lot of under the radar projects going on. 1000's of units = under the radar in NYC.

SouthCentralPA · #36 Posted **Jun 28, 2021, 10:58 PM**

Quote:

Originally Posted by chris08876

Modified title to: NEW YORK | Bankside | 6 Towers @ 40 + 25 FLOORS (5000 Units)

Bankside being the rebranding. Dealing with 2401 Third Avenue and 101 Lincoln Avenue.

As we can see with NYC, a lot of under the radar projects going on. 1000's of units = under the radar in NYC.

That's pretty crazy actually. 5000 units is a lot!

Antares41 · #37 Posted **Jun 30, 2021, 3:49 PM**

Quote:

Originally Posted by Busy Bee

The city is really shooting themselves in the foot for not getting the SAS up to at least 138th St during the second phase. It's going to be just that much more expensive and that much more disruptive once this and other major developments are finished and filled. Not to mention the additional overcrowding burden on the Lex line. Typical.

Definitely a big miss (lack of foresight) not extending the SAS northward, but hey, its the Bronx, we get no respect from the rest of the city. Now they will be forced to react; I say another 50 year wait (sarcasm). The Lex line is going to be a nightmare of overcrowded trains.

chris08876 · #38 Posted **Aug 22, 2021, 2:37 PM**

Credit: Waymond_Womano

NYguy · #39 Posted **Oct 15, 2021, 2:59 PM**

https://www.nytimes.com/2021/10/15/r...ction.amp.html

In the Bronx, Mott Haven Suddenly Gets a Skyline
A construction boom could bring more than 5,000 rental apartments to some 20 development projects in the neighborhood over the next couple of years.

By C. J. Hughes
Oct. 15, 2021

Quote:

A new skyline is rising in New York City, and — wait for it! — it’s in Mott Haven, the Bronx.

Once a low-profile neighborhood dominated by shops that fix flat tires, Mott Haven has sprouted a dozen residential towers, all of them rentals, with market-rate and affordable apartments in the mix.

Most of the development has occurred in Mott Haven’s southwestern corner, by the Harlem River and the bridges that lead to Manhattan, and more than 5,000 apartments spread across about 20 development projects have either recently opened, are under construction or will break ground soon, based on data from city records, developers and real estate brokerages.

Quote:

Starting in the late 1990s, city planners prodded developers to replace warehouses and auto-body shops not just with tall apartment buildings, but also with parks and riverfront walks, made possible by a series of rezoning plans under Mayors Rudolph W. Giuliani, Michael R. Bloomberg and Bill de Blasio.

The developments currently planned in Mott Haven typically offer both market-rate and affordable units, often in a 70 percent to 30 percent ratio, although all-affordable high-rises are also being built. Construction on these projects could continue over the next couple of years.

Quote:

Several of the developments belong to some of the biggest builders in New York, including Brookfield Properties, whose $950 million, river-hugging mega-development, Bankside, will open its first units by the end of the year.

While many of Mott Haven’s projects are works in progress, several have already opened, including the Arches, a two-towered rental building at 224-228 East 135th Street, with 430 apartments, from studios to two-bedrooms, whose first residents arrived in October 2020. (A small, 29-room hotel will also open on site this year.)

mrnyc · #40 Posted **Oct 26, 2021, 3:19 PM**

yes as someone who mostly works in the bronx these days it's a real new housing gold rush.

and it's not just the big project developments its even more than that you can't throw a rock without a new apt building going up somewhere on every vacant old bx city lot.

most are not so handsome, just functional, but it's good they are doing it now while they can.