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Rent hikes for shops near Armory frozen — for now

Bronx Times
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The 13 businesses facing huge rent hikes across the street from the Kingsbridge Armory are safe — for now, said a spokesperson for the new property owner at a meeting Thursday, July 24.

The new owner of 2-12 W. Kingsbridge Road and 2643-2647 Jerome Avenue has agreed to delay the rent spike — which was set to double on Aug. 1 — for at least a month until he meets with the local community board and merchant coalition, said Steve Lorenzo, a realtor with NAI Friedland who says he is in contact with Levites Realty Management, the company now operating the site.

Lorenzo said that the owner would eventually push for some sort of rent increase in September — but it was unclear on Friday, July 25 how high that would be.

“They agreed that doubling their rent was too harsh,” he told the Times-Reporter. “First we need to facilitate a dialogue.”

The stores are directly across the street from the long-vacant Armory, which developers are set to turn into the world’s largest ice rink complex by 2018. The shops include the popular New Capital Restaurant, as well as a flower shop, gift shop and beauty salon.

Reach Reporter Ben Kochman at (718) 742–3394. E-mail him at bkochman@cnglocal.com. Follow him on Twitter @benkochman.
Updated 4:57 pm, July 9, 2018
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