UPDATED, May 27, 3:05 p.m.: The Bronx is no longer burning, but its industrial market is red hot. Maryland-based Realterm Logistics has bought a South Bronx warehouse for $38 million from the recycling company Parallel Products. The 35,681-square-foot property, at 900 East 138th Street, is close to the Bruckner Expressway and the East River. Parallel Products purchased the site as vacant land for $5.2 million in 2006, according to PropertyShark. Realterm has been on a
Manhattan retailers are still waiting for the return of tourists to 5th Avenue and employees to Midtown offices, but some retail corridors outside of the central business district have seen metrics return almost to where they were before the pandemic. Vacancies and rents in the Bronx’s main retail area, Fordham Road, are near normal, the New York Times reported. The vacancy rate is 3 percent, according to the Fordham Road Business Improvement District. Meanwhile, in
Lending in the outer boroughs remained sluggish in the first month of 2021, with the 10 largest loans issued outside of Manhattan totaling $1.38 billion. That’s slightly better than December, when the total was $1.17 billion, but significantly less than November when the total was nearly $2 billion. The largest loan, which was issued in Brooklyn, was the only nine-figure deal for the month. Out of the 10 largest loans, six involved properties in Brooklyn.
Opponents chased Amazon’s proposed second headquarters away from Long Island City, but that hasn’t stopped a wave of new projects from coming to the neighborhood. Of the 10 biggest new building applications filed in December, four were for parcels in the Queens neighborhood. Three of those were for projects linked to the Elghanayan family’s companies, TF Cornerstone and Rockrose. If approved, these three projects would together generate nearly 1,700 residential units. The remaining applications covered
Belveron Partners closed a $280 million fund to invest in affordable housing across the country as the sector gains interest from larger investors. The San Francisco-based firm exceeded its initial $225 million target for the fund. It is the sixth fund the company has closed since its inception. The fund will acquire and manage over 5,000 units of affordable and workforce housing in the next three years targeting urban and suburban areas in the Northeast,
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Dynamic Star continues to snap up properties as it moves forward with a massive mixed-use project in the Bronx. Dynamic Star purchased a concrete plant site along the Major Deegan Expressway for $21 million, Crain’s reported. Galway Realty sold the property. The development firm intends to incorporate the new parcel into Fordham Landing, the $3.5 billion megaproject it’s planning in University Heights near the Harlem River. Fordham Landing could become one New York’s largest real
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Jonathan Rose Companies has purchased an affordable housing apartment building in the Bronx for $64 million, just weeks after closing a massive “impact acquisition” fund. The New Rochelle–based firm bought the 190-unit building at 350 St. Ann’s Avenue from Omni New York, records show. Jonathan Rose Companies secured a $53 million mortgage from Merchants Capital to acquire the property. The property was last purchased in 2004 for $15.5 million, according to PropertyShark. Jonathan Rose Companies
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The developer of a major project on the Bronx Harlem River waterfront plans to close on about $349 million in financing next week, with the goal of starting construction in January. L+M Development Partners, led by Ron Moelis, will move forward on its Bronx Point development after being delayed because of the pandemic, the Wall Street Journal reported. The company was supposed to close financing in June. The project will get $238 million in city
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The New York Yankees claim that a Bronx parking lot operator is holding back plans for a soccer stadium and affordable housing. The Parks Department is also warning the parking operator, Bronx Parking Development Company, that it could terminate its lease for defaulting on $237 million in bonds issued in 2007, according to the news publication The City. Motorists’ use of parking garages erected around the Yankees’ ballpark fell well short of expectations. The Yankees
Flames broke out just after 8 p.m. at a bike shop on White Plains Road in the Wakefield section of the borough.