Douglaston Development files plans for 279-unit building in Bronx

Russell Lang, senior vice president of Douglaston Development submitted a new building construction project for a 279-unit, 209,821 square-foot residential (R-2) building at 2866 Webster Avenue in Fordham Manor, Bronx. The plan was filed with the New York City Department of Buildings on October 24, 2022 under job number X08006985. It calls for the construction of a 12-story building. The project is described in the filing as: filing for new mixed-use affordable housing residential building.

The property

The 410 Bedford Park Boulevard parcel has frontage of 148 feet and is 170 feet deep with a total lot size of 32,250 square feet. The lot is irregular. The zoning is C4-5D which allows for up to 4.2 times floor area ratio (FAR) for commercial and up to 4.2 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.3 million.

Prior sales and revenue

The retail building in Fordham Manor has 21,818 square feet of built space and 113,520 square feet of additional air rights for a total buildable of 135,450 square feet according to a PincusCo analysis of city data. The property is owned by Douglaston Development.

The 21,818-square-foot property generated revenue of $353,948 or $16 per square foot, according to the most recent income and expense figures.

Development

Russell Lang, senior vice president of Douglaston Development submitted a new building construction project for a 279-unit, 209,821 square-foot residential (R-2) building at 2866 Webster Avenue. The plan was filed on October 24, 2022. It calls for the construction of a 122-foot tall, 12-story building and was filed with the New York City Department of Buildings under job number X08006985. The architect is Stephen B Jacobs Group Pc. The project is described in the filing as: filing for new mixed use affordable housing residential building.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

The neighborhood

In Fordham Manor, the bulk, or 35 percent of the 18.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 28 percent of the space. In sales, Fordham Manor has near average sales volume among other neighborhoods with $129.9 million in sales volume in the last two years and is the 11th highest in Bronx. For development, Fordham Manor has near average amount of major developments among other neighborhoods and is the 7th highest in Bronx. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 42 commercial properties representing 1,817,748 square feet of the 2,524,633 square feet. The largest owner is Fordham University, followed by Douglaston Development and then Namdar Realty Group. On the tax block, there were two new building construction projects totaling 318,778 square feet. The largest is a 279-unit, 209,821 square-foot R-2 building developed by Russell Lang with plans filed October 24, 2022 and it has not been permitted yet. The second largest is a 188-unit, 108,957 square-foot R-2 building developed by Russell Lang with plans filed June 20, 2019 and permitted April 7, 2021.

The surrounding

Within a 400-foot radius of 410 Bedford Park Boulevard, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, one was in new building development. It was a new building permit issued on June 7, 2021 for a 108,957-square-foot R-2 building with 188 residential units at 2850 Webster Avenue. Of those four items, three were loans above $5 million totaling $90.1 million. The most recent of the three was Langsam Property Services which borrowed $5.8 million from JPMorgan Chase secured by the 31,200-square-foot, 21-unit rental (C1) on 396 East 199th Street and one other property on May 9, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.