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925 Capital acquires Mott Haven’s ‘best corner’ property

925 Capital acquires Mott Haven’s ‘best corner’ property

Bronx Times
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Add one more project to the ever so developing south Bronx waterfront by the Third Avenue Bridge.

This one is coming to 259 E. 134th Street, across from Double Dutch Espresso and The Compound art gallery.

Developed by 925 Capital, a Manhattan-based development firm that was one of the first to notice the real, real estate value of the south Bronx over six years ago under the leadership of President Jonathan Yunason.

925 Capital’s newest acquisition is a 4,575 square foot building in what Yunason described as the heart of Mott Haven.

Currently the property’s second floor is utilized as a music recording studio, and can be reformatted as a boutique office space or as additional space for a ground floor tenant.

The ground floor tenant will have access to a glass-encased open space in the front, similar to the design concept being executed at 101 Bruckner Boulevard, a 37,500 square foot single floor retail property with a rooftop recently acquired by 925 Capital.

Once the property undergoes rehabilitation, it’s expected reopening will be in about six months.

Yunason’s mantra when it comes to the south Bronx is to allow creativity to flourish, he said, noting that 925 Capital’s plan is to completely re-position this industrial building as a new office or retail space and that ownership is willing to make the necessary investments for the right tenant.

Like 101 Bruckner, 925 Capital is specifically seeking the ‘right’ tenant, a creative one, to come into 259 E. 134th Street to keep the “spirit of the south Bronx.”

Yunason’s said a ground floor restaurant that would also utilize the front patio space that’s easily accessed through a pair of exterior glass doors during warmer months, would fit his vision.

He called that corner, adjacent to the Third Avenue Bridge, “the best corner in Mott Haven,” citing the plethora of new restaurants and retail that’s coming into the community.

Yunason and 925 Capital have also expressed their intention to become a part of that community, committing the development team to working alongside, and complementing, the vibrant, trending and emerging business and retail climate that already exist.

He credited neighboring businesses like Bronx Native clothing at 112 Lincoln Avenue and Beatstro, the hip hop-themed restaurant , for making 135 Alexander Avenue one of the coolest blocks in the Bronx.

“We love the spirit here and we want to be a part of this,” Yunason said.

“925 also expects the demand for commercial space to spike over the coming years, with the delivery of more and more residential units, especially the Brookfield project” he added on.

The Brookfield project will be constructed on a large waterfront parcel alongside the Third Avenue Bridge that will be one of the south Bronx’s most elegant and upscale developments, which sources believe is still roughly five years away.

Yunason stressed his belief that the development trends in both Port Morris and Mott Haven, two predominantly industrial zones, will cause very little tenant displacement.

Posted 12:00 am, February 15, 2019
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