As the real estate recovery takes hold throughout the outer boroughs, market-rate residential projects are starting to return to certain parts of the northern Bronx. During October, we’ve seen permits filed for four new buildings throughout the borough, all in the northern half.
Two of those projects were in or near Belmont – the Bronx’s Little Italy, but with a Latino and Albanian twist, and a dash of students from nearby Fordham University.
And so, it turns out, is the fifth substantial market-rate project for which permits were filed in the Bronx this month. Yesterday, an application to construct a new four-story building was filed for 2760 Decatur Avenue. The project lies in Bedford Park, but is very close to Webster Avenue and Fordham’s Rose Hill campus. The project appears to be a rental, with a bit over 31,000 square feet of residential space, divided fairly evenly over 42 apartments.
The developer is Anton Tinaj, who, like many market-rate builders throughout the borough, appears to be of Albanian descent. Shahriar Afshari is the architect, and he’s also designing a rare mid-sized market-rate project in the South Bronx, by a different Albanian developer.
The amount of parking listed on the project is a bit inconsistent, but by our reckoning, zoning requires a space for every other unit — enough room for either a 21-car garage, or a surface lot. This will inevitably drive up the cost of construction, making some projects financially unfeasible, with the resulting reduction in new supply translating into higher prices for renters.
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