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  #21  
Old Posted Apr 4, 2018, 11:52 PM
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Brookfield buys Bronx residential project for $165M



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In a boost for The Bronx, an upscale, nearly shovel- ready residential project along the South Bronx waterfront is being sold to Brookfield for around $165 million.

Assembled by the Chetrit Group and Keith Rubenstein’s Somerset Partners, the 1.3-million-square-foot development will rise on both sides of the Third Avenue Bridge over the Harlem River, due south of Yankee Stadium.

Designed by Hill West Architects, the two sites include 101 Lincoln Ave., with 849 apartments and four retail stores, and 2401 Third Ave., with 404 units. Both have parking and amenities that include more than 850 feet of public esplanade along the river.

It is likely that Brookfield’s designers would collaborate to tweak the design.

The project has been in the planning stages for several years and was marketed by Douglas Harmon and Adam Doneger of Cushman & Wakefield.

“Brookfield’s fine-tuned big-deal radar combined with their proven pioneering instincts make them one of the most creative and dependable investor-developers in the world,” said Harmon, who declined to discuss pricing or other specifics of the deal. “They will be great stewards for the site.”
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https://nypost.com/2018/04/03/brookf...ject-for-165m/
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  #22  
Old Posted Sep 8, 2018, 7:29 PM
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Here are the details of Brookfield’s first Bronx development

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Brookfield Property Partners plans to make 30 percent of its massive South Bronx development affordable housing.

The company officially closed on its $165 million purchase of 2401 Third Avenue and 101 Lincoln Avenue from Somerset Partners and the Chetrit Group on Wednesday, according to representatives for Brookfield and Somerset. The parcels span 189,000 square feet of land in Mott Haven, and Brookfield will build about 1,300 residential units on the site across seven buildings.

Brookfield plans to construct 462,000 gross square feet of development at 2401 Third Avenue, with the planning and design taking place over the next nine to 12 months. The company intends to break ground on the site during the second quarter of 2019 and open the building in 2021’s third quarter.

Doug Harmon and Adam Doneger of Cushman & Wakefield brokered the deal.

At 101 Lincoln Avenue, Brookfield is planning 950,000 gross square feet of development and expecting to start construction late next year.

The project will also include a waterfront park and promenade spanning 850 linear feet.

Chetrit and Somerset spent $58 million to acquire the two South Bronx sites, but news broke this spring that they would be selling them to Brookfield. The deal was initially expected to close in June.

The number of units and buildings is the same as Somerset and Chetrit had planned, but those companies had planned to make the entirely project market-rate.
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TRD
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  #23  
Old Posted Dec 5, 2018, 12:09 AM
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This will be largest development in Bronx at the moment. Area is heating up.
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  #24  
Old Posted Dec 5, 2018, 12:47 AM
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Lot of development going on in the South Bronx right now...


https://www.wsj.com/articles/the-bro...aby-1518606000

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  #25  
Old Posted Dec 5, 2018, 1:08 AM
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Wow nice!
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  #26  
Old Posted Dec 5, 2018, 1:56 AM
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The city is really shooting themselves in the foot for not getting the SAS up to at least 138th St during the second phase. It's going to be just that much more expensive and that much more disruptive once this and other major developments are finished and filled. Not to mention the additional overcrowding burden on the Lex line. Typical.
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Last edited by Busy Bee; Dec 5, 2018 at 4:16 AM.
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  #27  
Old Posted Dec 5, 2018, 3:01 PM
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Big changes coming for these projects.
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  #28  
Old Posted Dec 5, 2018, 4:15 PM
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Quote:
Originally Posted by steyin View Post
Big changes coming for these projects.
for or with ? Have some new info?
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  #29  
Old Posted Dec 5, 2018, 7:05 PM
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Its in NYC's benefit for the Bronx to boom. Tons of development potential. Folks often forget that the Bronx is extremely urban and dense. I'd say next to Manhattan, the Bronx offers the 2nd best "urban" experience. More so than Brooklyn which is overrated (I like Queens more IMO). Its just a dynamic place (Bronx).

I think ferry routes and increased volume of ferries could cater to the transit demand. Transit is always the limiting reagent in any large scale development from an optimization standpoint.

Whats good about the Bronx rising is that its furthering the power distribution in the city. No longer is Manhattan the stranglehold of power. Its overtime being spread out, to the point where places like Brooklyn and Queens are becoming more of "the city" per say.
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  #30  
Old Posted Dec 6, 2018, 3:22 PM
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Quote:
Originally Posted by Busy Bee View Post
for or with ? Have some new info?
For. Same number of towers, but new owners on it so... It's in good hands with Brookfield.

I imagine news will come in January.
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  #31  
Old Posted Dec 6, 2018, 4:02 PM
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Yeah Q2 2019 groundbreaking planned. We should hear more juicy details as Q1 arrives.
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