Last year, residential development in the South Bronx was booming. This year, builders are looking at their future tax bills – without the 421-a tax break – and realizing that it’s safer and cheaper to build hotels than apartments.
The South Bronx is suddenly booming with development, from affordable housing to market-rate rentals. But there are also plenty of hotels in the works, particularly in the area around Yankee Stadium. Last week, we spotted plans for an 11-story hotel at 859 Sheridan Avenue, between 159th and 161st streets in Concourse Village
Back in September of 2015, YIMBY reported on applications for an eight-story, 67-unit apartment-hotel at 138-142 Bowery, in Little Italy. Now, Bowery Boogie has revealed renderings of the project and has reported that demolition of the site’s existing two- and three-story structures has been completed. The new building will encompass 53,088 square feet, and will host 46 hotel rooms and 21 residential units. There will be commercial-retail space on the cellar, ground, and mezzanine levels, so it’s difficult to estimate the size of the hotel rooms. The apartments will span the sixth through eights floors and should average a rental-sized 658 square feet apiece. Emmut Properties is the developer and New Jersey-based Schneider Associates is serving as the applicant of record. Completion is expected in 2017. The developer closed on the development assemblage last October for $47 million.
The Beechwood Organization is developing a six-story, 195-unit apartment-hotel on a vacant plot of land on the western end of Meadowbrook Point, a 720-unit senior residential community they recently finished at 1100 Corporate Drive, in Nassau County’s East Garden City. According to Real Estate Weekly, the building, dubbed The Vanderbilt, will host 178 residential units and 17 hotel suites. The residential units will be rental apartments, coming in studio, one-, and two-bedroom configurations. Amenities include an English garden, a fitness center, a yoga room, a library, entertainment rooms, a café, meeting rooms, and a private courtyard featuring a pool and restaurant. Stonehill & Taylor Architects will be designing the interiors. The foundation was recently laid, and construction is expected to finish in late 2018.
In December of 2014, YIMBY revealed Cornell Realty Management’s plans for a 17-story, 180-key hotel at 245-247 West 34th Street, in Midtown’s Garment District. Those plans have since been discarded, as Cornell and Chetrit Group have divided up their 34th Street assemblage into two separate ownerships. Earlier this year, Cornell announced plans to build a four-story retail complex at 257-263 West 34th Street, and now Chetrit has filed applications for a 32-story, 300-key hotel building at 243-255 West 34th Street. The new building will encompass 155,594 square feet, of which 122,426 square feet will be used as commercial space.
