Last year, residential development in the South Bronx was booming. This year, builders are looking at their future tax bills – without the 421-a tax break – and realizing that it’s safer and cheaper to build hotels than apartments.
Newburgh, NY-based property owner Artan Prelaj has filed applications for two three-story residential buildings spanning the 1330-1332 Taylor Avenue, in northern Soundview, three blocks from the 6 train’s stop at St Lawrence Avenue. The development will net eight residential units and will spread across 5,580 square feet, for units averaging a rental-sized 700 square feet. Fred Geremia is the architect of record, and the site’s former 2.5-story structure was demolished earlier this year.
Nelson Management paid $51.5 million for the four-building, rent-stabilized complex known as Lafayette Boynton in the Soundview section of the South Bronx in 2011, and they just spent another $17 million renovating its 972 apartments. Now the Forest Hills-based firm plans to build two more 13-story towers in the sprawling development next to Soundview Park.
A Queens-based movie studio plans to build two new production facilities at 801 Colgate Avenue and 1410 Story Avenue in Soundview, right along the Bronx River waterfront in the southeastern part of the borough.
The South Bronx is in the midst of a hotel boom. Ignited by the Hub’s boutique Bronx Opera House Hotel, builders are throwing up budget hotels at a pace not seen in a century, if…