In the Bronx, new residential buildings with more than a few units tend to be affordable housing, at least in neighborhoods east of Van Cortlandt Park. But as the borough rises in stature, we’ll begin to see bigger and bigger market-rate projects pencil out financially, especially in the more desirable neighborhoods in the northern part of the borough.
One, in fact, may soon be coming to Parkchester. The East Bronx neighborhood is dominated by its eponymous towers-in-a-park housing complex, but it also includes a more traditional gridded section with tenements and small retail buildings. In addition to blacks and Latinos, the area has attracted a substantial population of South Asians, especially in the apartment towers, along with a smattering of other ethnicities.
If the permits result in actual construction, the new building at 1353 Castle Hill Avenue will replace a low-slung retail strip – meaning that not only is market-rate development profitable in this slice of the Bronx, but that it may even be profitable enough to forgo easy retail rents for a few years while the project is under construction.
1353 Castle Hill Avenue would stand six stories and include 32 apartments (totaling 25,417 square feet of net floor space), plus another 6,366 square feet of retail space, for a total gross construction area of 39,379 square feet. While the developer did not return YIMBY’s call for specifics on the proposed building, the 37 parking spaces – far more than required – strongly hint that the apartments will be let (or sold) at market rates, and will not be “affordable.” (Though this being the Bronx, all new construction outside of Riverdale is arguably affordable by New York City standards, be it market-rate or subsidized.)
Anthony DeRosa, based on nearby Westchester Avenue, is the developer, while Gino Longo, of College Point, is the architect.
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