More market rate development may be coming to Mott Haven in the South Bronx. New building applications call for a seven-story residential project at 417 East 135th Street, just north of the Major Deegan Expressway.
Bluestone Group, Altmark Capital, and Princeton Holdings have acquired, for $14.1 million, the six-story, 84,650-square-foot industrial building at 780 East 135th Street, in Port Morris, located five blocks from the Cypress Avenue stop on the 6 train. The previous owner was using the building as a storage facility, although the property is being delivered vacant. The new owners are considering converting it into creative office space or artists’ lofts, according to Commercial Observer. The exact plans for the structure have not yet been finalized or official disclosed.
The South Bronx continues to boom with new affordable and supportive housing projects. Non-profit Services for the Underserved hopes to build a seven-story apartment building at 1434 Undercliff Avenue, in the Highbridge section of the Bronx.
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.
The South Bronx is suddenly booming with development, from affordable housing to market-rate rentals. But there are also plenty of hotels in the works, particularly in the area around Yankee Stadium. Last week, we spotted plans for an 11-story hotel at 859 Sheridan Avenue, between 159th and 161st streets in Concourse Village