Developer Takes $45M Ground Lease for Vacant Bronx Development Site

reprints


SKF Development has acquired a 99-year ground lease on a 12,126-square-foot Bronx vacant lot owned by the Negron family in a deal worth nearly $45 million, Commercial Observer has learned.

SEE ALSO: Rock ‘n’ Retail: As the Rockaways Roar Back, the Retail Market Isn’t Far Behind

The Chelsea-based developer led by Kim Tasher has plans to build a mixed-use building at 2306 Webster Avenue in the Belmont section of the Bronx with 71 residential units and 9,000 square feet of retail, according to an executive at SKF and Michelle Abramov of Asset Commercial Realty Group, who handled the deal for both parties.  

The development site was formerly used as a parking lot, but is currently vacant. It has 60,000 square feet of air rights if the developers adds in a portion for a community facility. The site extends a full block from East 183rd to East 184th Streets.

The Negron family has owned the property since the 1980s and they didn’t want to part with it just yet, Abramov said.

“A ground lease was the most compelling opportunity for the family with their vision to create a stable income and long-term value and we found the right developer who had synergy and a fantastic reputation for being a Bronx developer,” she said in prepared remarks.

For the developer, the site was attractive because it is nearby a subway station and a commercial strip on Webster Avenue, said the SKF executive, who asked not to be identified.

Plans have yet to be filed with the New York City Department of Buildings. However, the developer hopes to break ground on the project in the summer. The development would probably rise about eight stories and house a mix of studios and one-and two-bedroom apartments as well as about 35 parking spots. Abramov is marketing the retail component.

Nearby the site, SKF is currently building an 88-unit rental building at 246 Echo Place between the Grand Concourse and Anthony Avenue.