Developer Beitel Group has secured a $135 million construction loan to complete two adjacent residential projects at 261 and 315 Grand Concourse in Mott Haven, The Bronx. Designed by S. Weider Architect PC, the 14-story structures will span a combined 348,000 square feet and yield 405 rental units in studio to two-bedroom layouts, as well as 136 parking spaces and a 5,100-square-foot shared recreation space. The buildings will rise from a triangular parcel bound by East 138th Street to the south, Grand Concourse to the east, and Walton Avenue to the west.
The 24-month whole-term loan, issued by SCALE Lending and arranged by Landstone Capital, comes with two six-month extension options. Since purchasing the sites in April 2022, the Beitel Group has demolished the existing buildings and completed excavation work.
“Demand in The Bronx multifamily market is already robust and continues to grow,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “We are thrilled about the opportunity to once again team up with Ben Beitel, an experienced and established developer. Beitel Group has a $2 billion national portfolio and a proven track record of successful ground-up multifamily projects both with us in the NYC metro area and across the country.”
The project is located directly west of the 138th Street-Grand Concourse subway station, which is served by the 4 and 5 trains.
Completion for both buildings is slated for November 2025.
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I feel like 25+ floor towers here would be more than appropriate. You could easily park 1000 units here. It’s right on top of the first Lex Line station in the Bx.
Agreed. Should have been as large as say Executive Towers further up the Grand Concourse.
I’m more glad they are putting the GRAND back in the Grand Boulevard andConcourse again. Hoping it will sweep all the way back up to Executive Towers
You make a good point. Further down in Port Morris (off Bruckner Blvd) they allowed quite a few 25 story towers. But these blocks here are closer to the 4/5/6 trains. So I think the zoning should have been the opposite. Very peculiar
Fantasy rendering omits Metro North in favor of a forest and forgets to include the BP gas station at 138 and Walton.
Wrong lot.