The priciest private development in the Bronx opens first residential tower with rents to match

March 11, 2022

Rendering courtesy of ArX Solutions

The priciest private development in the Bronx opened its first residential tower this week with rents to match. Developed by Brookfield Properties, the $950 million mixed-use Bankside project is one of the largest private investments in Bronx history and sits on 4.3-acres along the Mott Haven waterfront. On Thursday, rents for the market-rate apartments at Third at Bankside were revealed, with prices ranging from $2,455/month for studio apartments to $7,334/month for a three-bedroom unit with a private terrace.

Image courtesy of LCP360

Third at Bankside consists of three towers ranging 17 to 25 stories and has 458 total units. According to the project’s website, studios start at $2,455/month, one-bedrooms start at $2,618/month, two-bedrooms plus a den start at $4,164/month, and three-bedrooms start at $4,180/month, on a 15-or 16-month lease.

However, 30 percent of Bankside’s units, meaning 134 apartments, are rent-restricted through the city’s Affordable New York program. New Yorkers who earn 130 percent of the area median income, or between $61,543 to $167,570, are eligible. The housing lottery is open until April 13.

Amenities include a pool deck, fitness center, multiple lounges, game room, children’s playroom, automated package delivery system, indoor bike storage, and on-site parking with valet. All units feature washer-dryers, high-end stainless steel appliances, smart entry door locks, and high-speed internet.

“Opening the doors to residents at Third at Bankside marks an exciting milestone in our game-changing transformation of formerly underutilized land along the Harlem River into a thriving, waterfront development that provides a substantial supply of much needed mixed-income housing in the South Bronx,” Ali Esmaeilzadeh, senior vice president of development at Brookfield Properties, said.

“We are proud to be making this historic investment in the Bronx and contributing to the dynamic Mott Haven community.”

Designed by Hill West Architects, the Bankside development features seven interconnected towers which include a total of 1,379 apartments.

As part of the second and last phase, there will be four towers constructed on the Lincoln Avenue parcel (Lincoln at Bankside) that will yield more than 900 apartments, retail, and community space. Completion of phase two is scheduled in 2023.

Residents will be able to take advantage of a brand new public waterfront park designed by MPFP, offering abundant green space and views across the Harlem River.

Brookfield Properties bought the sites in Mott Haven for $165 million in 2018, breaking the record for the most expensive transaction for a new development in the Bronx. Construction on Third at Bankside kicked off in 2019.


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