A new development is currently being built in the south Bronx.
The future residential development currently in the construction phase at 950 Summit Avenue will provide quality affordable housing to its residents upon completion.
The residential project, being developed by JCAL and Marathon developments and funded by NYC Housing and Preservation Development, Housing Development Corporation as well as Borough President Ruben Diaz Jr., will cost upwards of $18 million.
The development will provide over about 60 affordable housing units.
The property was previously owned by book publisher H.W. Wilson Company.
The 16,625 square foot lot was sold at just under $900,000 and allows for 57,190 total buildable square feet.
The foundation of the building will be unique, primarily due to a huge boulder encompassing part of the site at grade level.
Because of this rock outcrop, the part of the building overlapping the boulder will begin on the second floor.
There will also be no on-site parking, as the size of the boulder made parking lot construction costs prohibitive.
Cushman & Wakefield, who represented the seller and the buyer as the broker and the selling agent in the transaction.
They also acted as the broker and the selling agent for nearby mixed-use properties at 939, 977-979 and 985 Summit avenues, as well as 926 Sedgwick Avenue, which is expected to be the site of a new hotel.
Significantly, Mayor de Blasio held a press conference at 950 Summit Avenue in July, where he announced that NYC had financed the creation and preservation of over 20,000 affordable apartments and homes during fiscal year 2015, which is enough housing for more than 50,000 New Yorkers.
The development and preservation represents tangible progress during the first full fiscal year of the mayor’s Housing New York plan, which would result in 200,000 affordable apartments and homes in 10 years.
“There has been a history of lack of good quality affordable housing, something that is currently at high demand,” said David Simone, director of Cushman & Wakefield. “The development at 950 Summit Avenue will help improve that situation. It’s a desirable place for Bronx residents, having Yankee Stadium, the Bronx Terminal Market as well as public transportation within close vicinity. It also includes great views of Manhattan and the Harlem River. ”
“With the current prices of affordable housing skyrocketing and rent increasing, it is crucially important that we help those who need to obtain quality housing at a reasonable price,” said JCAL’s vice president Bill Bollinger, who has over 25 years of experience as a real estate developer and urban planner. “With this development, residents won’t have to carry the burden of housing hardships, such as paying rent, rent costs rising, etc. Now, residents can live without those pressures and focus on other parts of life that are important such as work and school.”
©2015 Community News Group