Small market-rate developers in the Bronx have slowed down their plans for new buildings since the 421-a tax abatement program expired last month. But a few risk takers are still planning projects in the borough’s more established neighborhoods, like Bedford Park.
Last week, developer Arben Mitaj filed plans for an eight-story market-rate building at 3053 Villa Avenue, between Bedford Park Boulevard and East 204th Street in Bedford Park.
The 74-foot-tall building would have 15 apartments and 14,000 square feet of residential space. The average unit would measure 930 square feet, which is a spacious two-bedroom or a moderately sized three-bedroom.
Only one apartment would fill the first floor, and each of the remaining stories would have two apartments. The project includes an eight-car garage in the cellar, in order to fulfill zoning requirements. The building could include ground floor retail, but the developer chose not to take advantage of the property’s commercial zoning.
Mitaj is headquartered in the eastern Bronx neighborhood of Pelham Gardens and does business under an LLC called “Eurotech Developers.” Pelham, N.Y.-based Architect Fred Geremia applied for the permits.
A decrepit wood frame house currently resides on the little 25-foot-wide lot, which is wedged between a two-story brick house and a sizable six-story apartment block. The architect has filed demolition plans, but they haven’t been approved yet.
Mitaj’s LLC picked up the 2,500-square-foot site for just $350,000, or just $25 a buildable square foot.