South Bronx Development Sites Trade for $37M
Despite a slowdown in investment sales, some people in New York City are still doing deals.
Brooklyn-based development firm Beitel Group has picked up 315 Grand Concourse and 270 Walton Avenue in the South Bronx for $23.3 million, rounding out an assemblage that could produce a few hundred apartments, according to broker Nir Mor, who handled the deal.
Last month, Beitel also acquired a third adjacent property at 261 Grand Concourse for $14.5 million. The vacant triangular lot is located at the corner of Walton Avenue, Grand Concourse and East 138th Street. Both acquisitions were financed by a $27.5 million bridge loan from a private equity firm Cerco Funding.
While Beitel has not yet filed plans, 315 Grand Concourse and 270 Walton — which are home to a now-vacant car wash and warehouse — could accommodate up to 195,000 square feet of residential development. The sale price works out to roughly $120 per buildable square foot. Mor said the property could allow for 200 to 300 apartments if developed.
Mor represented the seller, John Lage, while Capital Property Partners’ Daniel Rahmani represented Beitel. Rahmani didn’t immediately return a request for comment, and Beitel declined to provide details on the potential residential project.
Renderings of a 12-story, 96-unit building at 261 Grand Concourse surfaced last year on New York YIMBY, but the images do not seem to include 315 Grand Concourse or 270 Walton in the development. Any development on the site will likely be on hold until the state legislature ratifies a replacement for the 421a tax break, which helps subsidize new residential projects in more affordable parts of the outer boroughs.
Rebecca Baird-Remba can be reached at email@example.com.