Permits have been filed for a 12-story mixed-use building at 3999 Carpenter Avenue in Wakefield, The Bronx. Located at the intersection of East 226th Street and Carpenter Avenue, the corner lot is near the 225th Street subway station, served by the 2 and 5 trains. Steven Westreich of Westorchard Management is listed as the owner behind the applications.
The proposed 124-foot-tall development will yield 89,982 square feet, with 46,779 square feet designated for residential space and 43,203 square feet for commercial space. The building will have 99 residences, most likely rentals based on the average unit scope of 472 square feet. The concrete-based structure will also have 25 enclosed parking spaces.
Nikolai Katz Architect is listed as the architect of record.
Demolition permits have not been filed yet for the residential building on the site. An estimated completion date has not been announced.
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99 loophole
Hi David!
Could you explain to us non
-professionals what is the 99 Loophole?
Thanks!