$165M sale of South Bronx waterfront site is the borough’s priciest development deal ever

April 4, 2018

An original rendering of 2401 Third Avenue via Hill West Architects

Somerset Partners and Chetrit Group have sold their massive South Bronx waterfront site to Brookfield Properties for $165 million, the priciest transaction for a development in the Bronx on record. As the New York Post reported, the project includes two sites on either side of the Third Avenue Bridge. At 2401 Third Avenue, original plans called for a 25-story standalone tower and a 25-story and 16-story building rising from an eight-story base. Developers also planned to bring three 24-story buildings and a 22-story building on top of a six – and seven-story base at the second site at 101 Lincoln Avenue.

An original rendering of 101 Lincoln Avenue via Hill West Architects

Designed by Hill West Architects, the sprawling project called for six residential towers and park space on two parcels of land. The Third Avenue site, which commenced construction last year, had plans for 430 mixed-income rentals, a 42,000 square foot community space and a 175-car garage.

The 101 Lincoln Avenue site would take up the full block south of the bridge and contain 849 rentals, over 20,000 square feet of retail and a community facility within the complex. A shared courtyard would connect the two sites. The entire development is located within the Special Harlem River Waterfront District, a revitalization of the waterfront led by the city.

Whichever architecture firm Brookfield taps for the new project will most likely tweak the original design from Hill West.

[Via Welcome2TheBronx; NY Post]


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