Shorewood Buys Bronx Development Site at 350 Grand Concourse for $29M
By Isabelle Durso December 13, 2024 12:09 pm
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Shorewood Real Estate Group has purchased a development site in the Bronx for $28.5 million.
The S. Lawrence Davis-led Shorewood bought the 31,100-square-foot property at 350 Grand Concourse in Mott Haven from Peter Fine’s Atlantic Development Group, according to broker Ripco Real Estate.
“We are extremely pleased to have played a key role in the sale of 350 Grand Concourse, a truly exceptional development site in one of the Bronx’s most dynamic neighborhoods,” Ripco’s Mitchel Flaherty, who brokered the deal for both sides with Brian Whelan, Stephen Preuss and Kevin Schmitz, said in a statement.
“Mott Haven’s ongoing transformation into a thriving residential and commercial hub presents an unparalleled opportunity for developers, and this site is perfectly positioned to capitalize on that momentum,” Flaherty added.
A spokesperson for Shorewood did not immediately respond to a request for comment, while Fine could not be reached for comment. Crain’s New York Business first reported the news.
Fine purchased the site near East 144th Street, currently home to a BP gas station, in November 2021 for $21.2 million, city records show.
Shorewood plans to develop a 220,000-square-foot mixed-use project, anchored by a grocery tenant, at the property, Schmitz said.
The deal comes at a time of high energy for the Bronx, which has seen a sudden burst in mulitfamily developments and affordable housing construction in recent months.
Developers such as Camber Property Group and The Domain Companies are working on billion-dollar developments in the borough, while mixed-use and residential projects are underway at Morris Heights’ 1959 Jerome Avenue and Bedford Park’s 2738 Creston Avenue.
More than 9.5 million square feet of new developments are in the pipeline in the Bronx, with 7,300 new residential units expected, according to Ripco.
Isabelle Durso can be reached at idurso@commercialobserver.com.
