The city is getting a rare project with more than 100 residential units in the South Bronx.
The site is at 1848 Vyse Ave., just below the Cross Bronx Expressway by East 176th Street, and comes from Dunn Development, a real estate firm based in Gowanus. It will span just over 90,000 square feet and stand 11 stories and 110 feet tall with 120 residential units, at least some of which will be designated as low-income housing, according to plans recently filed with the Department of Buildings. The project will include a parking garage on the first floor as well.
Representatives for Dunn Development did not respond to a request for comment by press time.
The company, led by president Martin Dunn, was founded in 1998 and has worked on several affordable housing projects over the years, including the Bergen Saratoga Apartments in Brownsville and the Frost Street Apartments in Williamsburg. The development Via Vyse, a 12-story, $46.4 million supportive and affordable housing project with 121 units at 1812 Vyse Ave., just steps away from 1848 Vyse Ave., is also included on the firm’s website’s list of projects.
Dunn Development purchased 1812 and 1848 Vyse Ave. at the same time in 2016 for about $7.1 million overall, according to city records. It is unclear how or if Via Vyse is related to the project the developer has filed plans for at 1848 Vyse Ave.
Residential projects with more than 100 units have been very rare in the city in recent months. Developers filed plans for only three of them in March, all in Brooklyn, according to data from the Real Estate Board of New York. However, the housing deal in the recently finalized state budget could help provide a boost to such projects through measures such as a new affordable housing tax break and an incentive program for office-to-residential conversions.
Eddie Small , 2024-04-22 18:19:02
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