Cherry Valley Marketplace Inks 40-Year, Bronx Affordable Housing Lease
By Celia Young July 16, 2021 11:09 am
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Grocery store Cherry Valley Marketplace sealed a four-decade deal for space at a Bronx affordable housing complex at 2856 Webster Avenue.
Cherry Valley is currently located at 410 Bedford Park Boulevard and will remain there until its 12,373-square-foot facility in the Bedford section of the Bronx is completed in 2022, according to a representative for the developer of the housing complex, Douglaston Development, who declined to comment on the asking rents for the 40-year lease.
The grocery store’s new location was announced in February 2020, though the deal wasn’t finalized until last month.
“We know that keeping Cherry Valley Marketplace in the neighborhood is a top priority for the community, and we are delighted to be making that happen,” Russell Lang, senior vice president at Douglaston, said in a statement. “As a result of this lease signing, Cherry Valley will significantly upgrade its facilities and continue to be a staple of the Bedford community as it has been since its inception in 2006.”
The New York Botanical Garden teamed up with Douglaston to build two residential towers with 450 affordable apartments last year, Commercial Observer reported. The first phase of the project will include a 188-unit, senior housing facility on Webster Avenue.
Neither party used a broker for the deal, and construction is currently underway on the complex, the representative said.
The grocery store currently has 8,000 square feet at 410 Bedford, and the new location will connect to its previous outpost, giving it a total of about 20,000 square feet, according to the rep.
“We are so excited to stay in our location on Bedford Avenue,” Anthony Espinal, owner of Cherry Valley, said in a statement. “Having a brand-new facility in an established location means we can retain our workforce and continue to serve the community.”
Celia Young can be reached at cyoung@commercialobserver.com.
