Starting around the mid-2000s, permit approvals for the construction of two- through four-family homes fell off a cliff. Whether it was the Bloomberg rezonings, the weak market, or the end of certain tax subsidies, the most affordable third to half of New York City’s market-rate new construction disappeared into thin air, taking a huge swath of the Bronx’s market-rate development industry down with it.
The numbers for 2014 aren’t looking much better than those in 2013, but over the weekend we saw a few filings that look to be the last of a 16-building townhouse development project in the Clason Point section of the East Bronx.
New building permit applications were filed on Friday for the final two structures in the project, three-family homes at 625 and 637 Bolton Avenue, clocking in at around 3,400 and 3,800 square foot of total construction area, respectively. The filings join the first 14 made in June, none of which have been approved, which call for two- and three-family homes, for a total of 40 units across 16 buildings, stretching from 607 to 637 Bolton Avenue.
Joseph Cohen, operating under Astoria Plaza LLC based in Kew Gardens, is the developer, and Great Neck-based Bahary Architecture is responsible for the design. The builder bought the land from the city in 2000, decades after it appears to have been seized for nonpayment of taxes.
The site sits on the the west side of Bolton Avenue, between Seward and Randall avenues, just a block over from White Plains Road. There is currently no actual road along this stretch of Bolton Avenue, with the street dead-ending at 639 Bolton Avenue.
The two- and three-family homes should be some of the most affordable new construction in the five boroughs, and in the surrounding neighborhood, two- and three-family homes built within the past decade or two can trade for around half a million dollars each.
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