Most subsidized housing development in the Bronx is concentrated in the borough’s southern precincts, but occasionally we see below-market construction creep up the Grand Concourse, as with a filing today for a project at 2763 Morris Avenue, near the border between the Fordham and Bedford Park sections of the Bronx.
The new building permit application calls for an 11-story residential building. The 65 apartments would be spread over 58,000 square feet of net residential space, in a roughly even split between one- and two-bedroom units, with a small number of studios.
The land was purchased by the developer (Alex Berkovitch’s Universal Contracting, operating under an LLC) in two parts – one lot (home to a since-demolished single-family detached home) in 2008 for $1.55 million, and the other from a church last year for $950,000. The lower purchase price for the church perhaps reflects the fact that the space will be replaced in the new building – it will have nearly 9,000 square feet of space for the church on the ground floor and below, with room for a Sunday school, accessory offices, and a cafeteria, in addition to the church’s worship space.
In total, the developer paid $2.5 million for the land, or a bit under $40 per buildable square foot – cheap, but pricier than land that a market-rate developer elsewhere in the borough would pay.
James McCullar Architecture is responsible for the design, and the New York City Housing Development Corporation will issue up to $15 million in debt to pay for construction.
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