Just around the corner (literally) from 2417 Third Avenue — the loft building that is under contract for $31 million, 101 Lincoln has just sold for $32 million. This property sits across from Bruckner Bar and Grill Mott Haven Bar and Grill and according to the Real Deal the developer can build up to an 800,000 foot building on the site.
Tag: Real Estate
“While Mr. Auxier feels the neighborhood is poised to take off, Mr. Loyola said, “This is not going to be for hipsters. It will be more community-oriented, home-oriented.”
“…SITU Studio, a Brooklyn-based design studio, mapped the geographic spread of these illegally subdivided, high-density dwellings across New York City—places that in other metropolitan areas, like Mumbai or Rio de Janeiro, would be considered slums. “In New York City, you have slums, but they’re not visible,” Basar Girit, a partner at SITU Studio, tells Co.Design.
This week has been one for the books for the South Bronx. First we heard about the loft building at 2417 Third Avenue in Port Morris being under contract for $37 million, then we reported about the “Banksy” building being developed into market-rate rental apartments. Now we have 4 additional developments on the radar.
Last year, on October 21st, the infamous street artist known as Banksy struck in the Melrose neighborhood of The Bronx on E 153rd Street (just down the block from me) where Elton and 3rd Avenues meet prompting thousands of fans to trek to the area and catch a glimpse of his controversial ‘Ghetto 4 Life’ piece. The 4 story buildings have been vacant for decades (close to 30 years) with the exception of the retail spaces on the ground floor. Now the owner is beginning the process of converting the top 3 floors into market rate residential units.
The Real Deal just reported that the 175,000 square foot loft building 2417 Third Avenue — just a few hundred feet away from the Mott Haven Bar and Grill — is under contract for $31 million with Hornig Capital.
When real estate companies and developers begin to look at your neighborhood more and more intently we know that there is a big danger of gentrification creeping in. When investments begin to top $2 billion in The Bronx, that means we’re no longer the final frontier but things are already happening.
There’s no stopping development and construction in the Melrose neighborhood of The Bronx. From the early planning stages, to actual construction, a quick walk through the area reveals a flurry of activity in the borough’s fastest growing neighborhood and 3rd fastest in the city.
655 Morris Avenue at E 153rd Street is the latest development under construction and will rise 15 stories providing 175 affordable units for low and middle income families.
Less than two weeks ago it was announced that the landmark Bronx General Post Office was sold to YoungWoo & Associates (the price tag has yet to be published on ACRIS or disclosed) and now today it was announced that the landmark Banknote Building of Hunts Point has sold to firms Madison Marquette and Perella Weinberg for a whopping $114 million as Taconic Investment Partners unloaded the property — 4 years later than they had anticipated in flipping the property.
The Bronx is piping hot in the real estate sector with so many projects whether affordable housing or commercial projects. Only time will tell if these will benefit the people of our borough who desperately need to be uplifted along with the renaissance that is happening in The Bronx as we continue to rise from the ashes. If we leave our own people behind, then we have failed and will become yet another cookie cutter Manhattan or Brooklyn enclave.
Welcome2TheBronx first broke the exclusive story, back on January 2013, that the landmark Bronx General Post Office was for sale. Subsequently the story was immediately picked up by the New York Times in an article by Donald Dunlap. Now after almost 2 years speculation of what the fate of the beloved Post Office would be, Welcome2TheBronx has learned via Denis Slattery of the Daily News that the General Post Office has been sold to developer Young Woo & Associates.
The New York Times writes about our friend and author, Martin Kleinman on his move back to The Bronx after being absent for so many decades.
Check out this wonderful story about coming back home.
Rents at the Clocktower building in Port Morris, on the corner of Lincoln Avenue and Bruckner Boulevard are fast on the rise. A new listing for a 1 bedroom is asking for a whopping $1,775/month for the privilege of living in this loft building which was one of the first in the area to convert to residential.
Another listing for a 2 bedroom loft in the same building is asking for $2,500.
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