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.
Sam Mahgerefteh, doing business as Great Neck-based LLC, has filed applications for a four-story, two-unit residential building at 1773 Topping Avenue, in Mount Hope, located four blocks from the 174-175 Streets stop on the B/D trains. The new structure would measure 3,703 square feet and would rise from a 17-foot-wide, 1,615-square-foot vacant lot. The units would average a spacious 1,851 square feet apiece, with the first unit occupying the ground and second floors, and the other occupying the upper two levels. The ground floor will also have an enclosed parking space. Sion Hourizadeh’s Floral Park-based Sion Associates is the applicant of record.
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.
