The South Bronx could see another large resi development: A new waterfront site with 300K buildable sf just hit the market
Another development site could be joining the South Bronx’s residential boom.
The waterfront property at 399 Exterior Street is on the market, with owner Pantheon Properties aiming to get more than $30 million for it, Crain’s New York reported. The site has room for about 300,000 square feet of residential space.
“This is one of the last large scale residential development sites that is available along the water in Mott Haven and we believe demand will be strong,” said Jason Meister, an Ackman Ziff sales broker marketing 399 Exterior Street. “The feeling right now among residential developers is there isn’t a lot of upside in most markets in the city. But the South Bronx is one of the few areas where builders still see opportunity for growth.”
The lot is currently used for parking — and is less than a mile away from the sites Brookfield Property Partners acquired earlier this year. Brookfield is developing one of the largest projects in the Bronx, with plans for about 1,300 new apartments at 2401 Third Avenue and 101 Lincoln Avenue.
Meister told Crain’s the site has also drawn interest because it’s in an Opportunity Zone.
Pantheon previously put 399 Exterior Street, a former bus depot on the Harlem River, on the market, after the city moved to take part of it for a public park through eminent domain. The adjacent lot at 355 Exterior Street belongs to Borden and is similar in size.
The sites, which one source estimated might fetch in the neighborhood of $70 million, measure approximately 120,000 square feet in floor area and could give way to 600,000 square feet of residential development under current zoning regulations.
The Lightstone Group is again adding to its South Bronx holdings, buying a massive land parcel in the area for $59 million with plans to build a 2,000-unit residential development across that parcel and a site it purchased late last year.
The two sites at 399 and 355 Exterior Street in Mott Haven are an empty lot and a former bus depot, the Commercial Observer reported, and add up to nearly 600,000 square feet. Pantheon Properties owned 399 Exterior Street, while Borden Realty owned 355 Exterior Street, and Lightstone bought the properties in an all-cash deal.
The proposed 400-foot-tall development will yield 692,749 square feet, with 555,582 square feet designated for residential space and 10,630 square feet for commercial space. The building will have 710 residences, most likely rentals based on the average unit scope of 782 square feet. The concrete-based structure will also have a cellar, a 74-foot-long front yard, 341 enclosed parking spaces, and 30 open parking spaces.
The building consists of a mixed-use podium with two residential towers above, consisting of a cast in place concrete superstructure with masonry veneer facade. The north tower reaches 438.00 feet above ground level. The south tower reaches 298.00 feet above ground level.
reportedly this site is up for sale. YIMBY was cited in the article for its reporting on the permits.
Lightstone also owns the parcel of land adjacent to 325 Exterior — which spans both 355 Exterior Street and 399 Exterior Street — having purchased it in February 2019 for $59 million in an all-cash deal, as previously reported by CO.
However, according to a JLL offering memorandum viewed by CO, that site was also put up for grabs late last year and remains on the market today, sources said.
I see sources saying 400 feet and 438 feet for the taller tower here. Could this potentially be the new tallest building in the Bronx? I believe River Park Tower is 428 feet.
It will be interesting to see the visual impact on Manhattan’s Park Avenue axis. Right now, folks looking straight up Park Avenue via binoculars or zoom lens from Helmsley Building, MetLife Tower or the 97th Street portal will see the CubeSmart self-storage building at 255 Exterior Street. This new development will rise directly to the north (left). Will there be much of a visual impact? Time will tell.
Also, the CubeSmart needs to be redeveloped at some point as well.
