This morning, a pair of applications were submitted to erect two market-rate residential projects at 987 and 989 Ogden Avenue, in the Highbridge section of the South Bronx.
Each four-story building will have 14 apartments spread over 9,000 square feet of floor space (or nearly that much). The lot appears to have been broken up into two in order to escape the city’s anti-urban off-street parking requirements, which would have required nine parking spaces if the units had been grouped together in one 28-unit building. While the builder will save a substantial amount of money by not having to build a garage, the duplication of mechanicals and common space will still raise costs above what they would be without the requirements.
Mount Vernon-based Wajeeha Naseem is listed as the developer (although, confusingly, her relationship to the owner is marked as “architect”), and Michael DePasquale as the architect.
With market-rate development in the South Bronx becoming viable for the first time in generations, the project is one of a rare breed in New York City that won’t use up all of its available development rights, with more than 5,000 square feet of space left on the table – a sign that the zoning here is, at least for now, looser than what the market desires.
The land was purchased a few months ago for $745,000 – $42 per square foot of what the developer is building, or $32 per square foot of what they’re allowed as-of-right.
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