Somerset Partners

The most expensive site in the Bronx gets a name and new renderings

Renderings courtesy of ArX Solutions

November 21, 2019

The most expensive site in the Bronx gets a name and new renderings

Last fall, Brookfield Properties bought two sites in Mott Haven for $165 million—the most expensive transaction on record for development in the Bronx—from Somerset Partners and Chetrit Group. On Thursday, the developers revealed a $950 million plan for a 4.3-acre mixed-use development that will bring more than 1,350 apartments to the South Bronx neighborhood, of which 30 percent will be affordable. Branded as Bankside, the project will also include a public waterfront park and promenade, as well as ground-floor retail and community facility spaces.
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The most expensive development site in the Bronx will be 30 percent affordable

A previous rendering of 101 Lincoln Avenue via Hill West Architects

September 7, 2018

The most expensive development site in the Bronx will be 30 percent affordable

By Devin Gannon

The most expensive transaction on record for a development in the Bronx officially closed Wednesday, after Brookfield Property Partners picked up the two sites for $165 million from Somerset Partners and Chetrit Group. Originally, Somerset and Chetrit planned for all of the development's 849 residential units to be market rate, and while Brookfield intends to keep the same number of apartments, they are designating 30 percent of them affordable, according to the Real Deal.
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$165M sale of South Bronx waterfront site is the borough’s priciest development deal ever

An original rendering of 2401 Third Avenue via Hill West Architects

April 4, 2018

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

By Devin Gannon

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.
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March 9, 2017

More renderings, details released for massive South Bronx waterfront development

By Dana Schulz

Just two days ago, 6sqft brought you a brand new rendering of the second parcel at Somerset Partners and Chetrit Group's massive South Bronx waterfront development, and now, YIMBY has uncovered even more views of the full seven-tower, 1,300-unit residential project, along with some more specific details. The renderings come courtesy of Hill West Architects and also show the publicly accessible 25,500-square-foot public waterfront esplanade.
More details and another rendering

March 7, 2017

New rendering emerges for Keith Rubenstein’s ambitious South Bronx development

By Emily Nonko

The massive South Bronx waterfront development planned by Somerset Partners and Chetrit Group is coming together--at least visually. CityRealty revealed a rendering of the second parcel of a two-parcel master plan that will eventually hold six residential towers and park space. Construction on the first three buildings within the first parcel at 2401 Third Avenue was approved last summer. This second parcel at 101 Lincoln Avenue will hold three more towers, 25 stories each, with a grand total of 826 apartments. The developers have long heralded this development as a game-changer for the South Bronx, but faced pushback after Somerset developer Keith Rubenstein attempted to rebrand the area as the “Piano District” and held a party that capitalized on the struggles of the Bronx in the 1970s, featuring burning trash cans and a bullet-ridden car.
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New Developments

August 30, 2016

See how Keith Rubenstein’s trio of South Bronx towers will transform the ‘Piano District’ skyline

By Dana Schulz

Controversial South Bronx Developer Keith Rubenstein of Somerset Partners, along with the Chetrit Group, received approvals earlier this summer for a two-site, six-tower, mixed-use master plan on the Mott Haven banks of the Harlem River. This is the same project that Rubenstein touted as part of his campaign to rebrand the southern portion of the borough as the "Piano District," a marketing ploy that nodded to the piano manufacturers that dotted the area 100 years ago, but that featured a misguided party with burning trash cans and a bullet-ridden car, referencing the horrible "Bronx is burning" days of the 1970s. Contention aside, the development is moving ahead, and CityRealty.com has a 360-degree look at how the first site's three towers (two at 20 stories and one at 25) will transform the South Bronx skyline. These buildings at 2401 Third Avenue will rise just to the northwest of the Third Avenue Bridge, the former site of an 1880s iron works building that will soon boast $3,500/month apartments.
More details ahead

February 5, 2016

UES Townhouse With Hermès Leather Walls and Smoking Room Could Set Record at $84.5M

By Michelle Cohen

Somerset Partners’ Keith Rubenstein just put his 15,000-square-foot townhouse at 8 East 62nd Street on the market for $84.5 million, outdoing Carlos Slim's $80 million listing. The luxury-filled Upper East Side home is one of the city's priciest townhouse listings ever (h/t WSJ), and if it fetches the listing price it would set a Manhattan townhouse record, besting the Harkness Mansion’s 2006 $53 million sale. In addition to marquetry flooring inspired by those at Pavlovsk Palace in St. Petersburg, there are his and hers suites, a basement spa and gym, and a pretty unique modern art collection (see the massive KAWS bunny sculpture in the living room). Some off-the-wall features include red Hermès leather walls, a smoking room equipped with ventilation system, and a dressing room with a lighted handbag display and temperature-controlled fur vault.
Check out the rest of the zany house

Somerset Partners

The most expensive site in the Bronx gets a name and new renderings

The most expensive development site in the Bronx will be 30 percent affordable

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

More renderings, details released for massive South Bronx waterfront development

New rendering emerges for Keith Rubenstein’s ambitious South Bronx development

See how Keith Rubenstein’s trio of South Bronx towers will transform the ‘Piano District’ skyline

UES Townhouse With Hermès Leather Walls and Smoking Room Could Set Record at $84.5M

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