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Massive South Bronx waterfront development site sells to Brookfield

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Somerset Partners and Chetrit Group sold the property for $165 million

It’s unclear how the plan for the site will change under the new ownership.
Hill West Architects

The biggest private development in Bronx history has a new owner. Developers Chetrit Group and Somersert Partners have sold their 1.3 million-square-foot development site along the Mott Haven waterfront, the New York Post reports. The buyer is Greenpoint Landing developer Brookfield, who shelled out $165 million for the site.

The project includes two major development sites on either side of the Third Avenue Bridge. Just north of the bridge, at 2401 Third Avenue, the previous owners were planning a 25-story standalone tower, and a 25-story and 16-story building that will sit on top of an eight-story base. This phase of development was also poised to include 430 rentals that will come in studio through three-bedrooms. There was also plans for a 175-car garage.

The other site, at 101 Lincoln Avenue, the developers were planning three 24-story buildings and a 22-story building that will sit on top of a six and seven-story base. This phase was poised to bring 849 apartments, along with 20,500 square feet of retail and 1,100 square feet of community space to the site.

Chetrit and Somerset worked with Hill West to design the site, and it’s not clear how those plans will change now with Brookfield onboard.