Barely a year since we reported properties on either side of the Third Avenue Bridge approach were purchased for obscene and speculative amounts, three of the lots have had recent plans filed for three 25 story residential towers which, if approved, will bring what appears to be 1,661 market rate units to the area.
101 Lincoln Avenue, just across from The Clocktower and purchased for $32 million last November, is planned to be a massive mixed ground floor commercial 784,176 square foot 25 story tower with 826 residential units while across the Third Avenue Bridge ramp is 2401 Third Avenue which sold for $26 million this past January is also planned to house 370 residential units in 25 story 344,736 mixed-use commercial building.
These two developments are spearheaded by The Chetrit Group and Somerset Partners who have teamed up to develop the Harlem River Waterfront in The South Bronx.
Meanwhile on the same block as 2401 Third is 198 E 135th street (which fronts the Major Deegan Expressway and sold for $15,470,000 in May) and 465 residential units with ground floor commercial space will be built in a 352,543 square foot 25 story building as well with Cheskel Schwimmer as the developer.
Upon looking at the NYC Department of Building applications for the 3 developments, we noticed one error on all 3: All properties are located on Tidal Wetlands yet all 3 applications checked off that the site was not located on Tidal Wetlands.
If all of this is approved as is, it will forever change the landscape of The South Bronx in an area dominated by NYCHA developments and where 61% of the population receives some sort of public assistance. These buildings will be constructed within the Special Harlem River Waterfront District thus further creating a tale of two cities since the area is separated from the rest of the population by the Major Deegan Expressway.
Port Morris and Mott Haven is in dire need of better schools, health care, and cleaner air but we’re focusing on housing for a community that doesn’t exist yet while the existing community continues to suffer.