When we wrote about plans for 221 East 138th Street last summer, the developer hoped to include affordable housing in the new South Bronx building. Now Anthony Gurino, of Tahoe Development, has decided to make the project in Mott Haven entirely market-rate, joining the ranks of a few other ambitious projects in this industrial neighborhood.
This is, of course, because the 421-a tax exemption disappeared in January. Without the tax break, the owner can’t afford to rent any apartments for below-market rates. The size of the building has also shrunk, because it would have gotten a floor area bonus for the affordable units. The height has dropped from 10 stories to seven, and the residential space has been reduced from 47,000 to 33,000 square feet.
The architects sent along a rendering of the seven-story building, which will break ground soon. The project, which has been named “The Joinery,” will host 47 apartments. Those 47 units will be divided across 33,300 square feet, and average units will measure just over 700 square feet. Tahoe is still considering whether the project will be condos, rentals, or a mix of the two.
There will be 3,900 square feet of retail, plus amenity space on the second floor and 21 parking spots between the ground floor and the cellar.
Michael Muroff Architect is designing the building. It will bring new life into this partially vacant block, and the rendering – complete with colored accent lighting – gives us a bit of a Williamsburg new construction vibe.
Tahoe purchased the property in September for $2,800,000, paying $75 a square foot for their planned building.
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