Elected officials and the project team behind the development of Bronx Vibe gathered in Concourse Village to cut the ribbon for a newly competed upscale residential development on July 2. The property, located at 299 East 161 St., houses 155 new units for the neighborhood.
Bronx Borough President Vanessa Gibson, New York State Assembly Member Chantel Jackson and state Sen. Luis Sepúlveda’s Chief of Staff Hennessy Reyes joined the project team — including lead architect IMC Architecture, interior designer Classic Image and general contractor Ray Builders — in the building’s opening ceremony.
“The Bronx Vibe is a welcomed addition to our borough, offering high-quality accommodations and amenities for our residents and families,” Gibson said at the ceremony.
IMC principal architect Eugene Mekhtiyev said Bronx Vibe is the first high-end residential development in the neighborhood. The luxury building has seen interest from both local residents and international renters looking to call New York their home, according to the Bronx Vibe’s opening press release.
“In working with the team, we understood that there was a need within the … community of young professionals who grew up in the area [and] who wanted to have a place to call home that was amenitized in a certain way, that offered a level of finishes that they otherwise wouldn’t have access to in their neighborhood,” Mekhtiyev said. “We felt compelled to create a building that would allow them to kind of remain within the neighborhoods and at the same time get the quality that they want.”
The neighboring Bronx courthouse was a source of architectural inspiration for Mekhtiyev who said the building aimed to cater to a community of young professionals working in the Bronx.
The South Bronx has seen a development boom in recent years. South Bronx neighborhoods are teeming with large-scale residential developments. Mott Haven is another neighborhood that saw a sharp 85.2% rental increase from a year ago, the highest of any New York City neighborhood, according to StreetEasy’s April market report.
“We’ve had people from as far as India and Argentina, Texas, come. And then we’ve also had people come from within the Bronx, Upper Manhattan, Lower Manhattan, so a little bit more local,” said Sarah Saltzberg, principal of Bohemia Realty Group, said. “I think it’s because they really like the fact that they can get these beautiful amenities, units with dishwashers, most have washer dryers, for pricing that is much more attractive than what a similar building would be priced at in Manhattan.”
The property offers 47 affordable units, 30% of the total units available, at varying affordability levels and prices. The property qualified for the 421A affordable housing program, a tax break incentive for developers who make a certain percentage of units “affordable,” meaning rent does not exceed 30% of a household’s income. The lottery for affordable units in the Bronx Vibe has closed.
As of publication, 37 residents have signed leases in the building’s market rate residences. According to Saltzberg, six tenants moved from other areas of the Bronx, 19 moved from other states and upstate New York and three moved from India, United Arab Emirates and Puerto Rico, while the remainder moved from other boroughs of New York City. More tenants from the Bronx and other areas of New York City will move into the building shortly, once the affordable units lottery is completed.
The building offers a variety of units including, studios, one-bedrooms and two-bedrooms. Studios start at $2025 net, one-bedroom units start at $2,385 net, and two-bedrooms start at $2,765 net, according to Saltzberg. The building does not have an amenity fee or a pet fee.
Saltzberg said because the Bronx Vibe is one of the first luxury buildings to open in the neighborhood, “it does set a benchmark” for future development and the Concourse neighborhood.
“It’s a really awesome, big welcome addition to the neighborhood. We have been reaching out since way before we even launched with members of the community and bringing them in, getting their feedback and welcoming them for tours,” Saltzberg said. “It’s felt nice and I think that everybody that has worked on this project feels really proud to be a part of it.”
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