The firm bought the building from Taconic Investment Partners, which paid $32.5 million for it in 2007 and shelled out an additional $37 million to refurbish the landmarked property, which had once turned out foreign currencies and other financial documents. On the commercial side, Midtown-based financial services firm Perella Weinberg and Washington-based real estate investment firm Madison Marquette shelled out $114 million in September to purchase the BankNote Building in Hunts Point, one of the most architecturally distinctive office properties in the Bronx. The block is within the boundaries of the Lower Grand Concourse Waterfront Project, a strip along the Harlem River that borough leaders hope will eventually house 4,000 residential units. The developer plans to combine the 133,000-square-foot property, now home to a warehouse, with two adjacent sites to build at least six residential towers.
“Development has been driven by a number of large lots that offer a tremendous potential that you just don’t see in other parts of the city,” said Scot Hirschfield, Ariel vice president.Īn example is the Chetrit Group’s $32 million purchase of 101 Lincoln Avenue in the South Bronx in December. While still a tiny fraction of what was spent in other boroughs, the increases reflect momentum. The dollar volume of investment sales in the Bronx last year rose above $2 billion, a 39 percent increase from 2013, and a 55 percent jump from 2012, according to Ariel Property Advisors. With easy commutes to Manhattan, lower prices than other boroughs, and deve lopment sites ripe for the picking, sources said “f rontier” neighborhoods like Mott Haven, Hunts Point and Port Morris are generating new interest at all levels from developers, as well as hoteliers, retailers and restaurateurs looking to tap new markets. Developers and investors are pouring an increasing amount of capital into commercial and residential real estate projects in the Bronx, looking beyond the portions of Brooklyn and Queens where prices have skyrocketed, to gamble on what some hope is the next outerborough hot spot.
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