The South Bronx is finally seeing the first glimpses of large, market-rate development, and one developer has taken the plunge by filing applications for a 13-story apartment building at 477 Gerard Avenue in Mott Haven, next to his under construction hotel at 500 Exterior Street.
The 120-foot-tall development will fill an empty lot at the corner of Gerard Avenue and East 146th Street, a few hundred feet east of the Major Deegan Expressway and a couple blocks south of the 2, 4 and 5 trains at 149th Street-Grand Concourse. It’ll house 66 apartments divided across 54,927 square feet of residential space, for an average unit of 832 square feet. The developer tells us it will be market-rate, and he’s going to apply for the 421-a tax exemption.
The ground floor will have four units and a lobby, followed by six units each on the second through ninth floors, four on the 10th and 11th floors, and three a piece on the top two stories. There will be 27 parking spots in the cellar—just enough to satisfy zoning requirements.
The developer is Floral Park-based Harshad Patel, who’s building a nine-story, 69-key hotel on the western half of the lot, on the corner of East 146th Street and Exterior Street. Like the hotel, Flushing-based architect Michael Kang will handle the design.
Patel scooped up the 16,182-square-foot lot for $3,000,000 in 2007, paying just $30 per buildable square foot. The city rezoned the southwestern Bronx waterfront to encourage residential construction in 2009, and this site’s new zoning, R8A, allows relatively dense development as tall as 120 feet.
Interestingly, Monadnock Construction is planning a separate three-building complex on the same block, between Gerard Avenue, Exterior Street, East 146th and East 149th Streets. The firm hopes to build two mixed-income rental buildings—topping out at 12 and 13 stories respectively—and a 152-room Hampton Inn.
Other market-rate projects underway in the former industrial nabe include a little four-story development at 532 East 142nd Street and JCAL Development’s planned 12-story apartment building at 329 East 132nd Street.