Warehouse-replacing South Bronx condos will cost $540K on average

Tahoe Development is moving ahead with its plans to bring nearly 50 market-rate condos to the South Bronx, The Real Deal has learned. Plans filed with the New York State Attorney General’s office reveal that the developer is projecting a $25.3 million sellout on their seven-story building’s 47 condos.

That means an apartment here will cost about $540,000 on average. Last year, the developer told the New York Times that one-bedrooms here would start at $339,000, and two-bedroom at $599,000—though the pricing hasn’t been finalized yet.

Plans once called for a 10-story rental building with 57 apartments, 20 percent of which would be affordable under the city’s Inclusionary Housing Program. The developer however went back on that plan, telling Welcome2TheBronx last year that "it doesn’t pay to construct affordable housing anymore including mandatory inclusionary affordable housing (MIH).”

The project came about after Tahoe paid $2.8 million for this Mott Haven site in September 2015. In addition to the condos, plans also call for ground-floor retail. YIMBY got its hands on the first rendering for the condo, which is being designed by Michael Muroff Architect, last summer. The condo will also have a full floor of amenities and parking for 21 cars when it’s complete. Two warehouses were demolished to make way for this project.

• Tahoe plans 47-unit condo in the SoBro [TRD]
• Reveal For 221 East 138th Street, Market-Rate Apartments In Mott Haven [YIMBY]
• 50 Market-Rate Condos Are Coming to the South Bronx [Curbed]