Dunn Development files plans for 120-unit rental in East Morrisania
1848 Vyse Avenue (Credit - Google)
Martin Dunn of Dunn Development through the entity Bronx Affordable Holdings LLC submitted a new building construction project for a 120-unit, 78,623 square-foot residential (R-2) building at 1848 Vyse Avenue in East Morrisania, Bronx. The plan was filed with the New York City Department of Buildings on April 19, 2024 under job number X01027307. It calls for the construction of a 11-story building. The architect is Dattner Architects.
Dunn Development is a major affordable housing developer. It recently purchased another development site in the Bronx, for $2.7 million.
The property
The Vyse Avenue parcel has frontage of 102 feet and is 129 feet deep with a total lot size of 17,508 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $1.6 million.
Prior sales and revenue
This property was sold for $3.1 million on June 17, 2016.
Occupancy
1848 Vyse Avenue Job Number X01027307
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Open Space | PASSIVE OUTDOOR RECREATION SPACE (2530 SF) | Apartment | 1 | Residential | 2B | |
| 2 | 1 | (60) BICYCLE PARKING (601 SF) | Parking Garage | 3 | Storage | 2B | |
| 3 | 1 | BUILDING STORAGE, PACKAGE STORAGE | Storage of non combustible Materials | 1 | Storage | 2B | |
| 4 | 1 | ACCESSORY OFFICE TO RESIDENTIAL | Apartment | 1 | Residential | 2B | |
| 5 | 1 | RESIDENTIAL LOBBY WITH MAILBOXES | Apartment | 1 | Residential | 2B | |
| 6 | 1 | TRASH COMPACTOR ROOM, MECHANICAL ROOM, WATER METER ROOM, ELECTRICAL METER ROOM, TELECOM ROOM | Mechanical and/or electrical equipment room | 1 | Factory and Industrial | 2B | |
| 7 | 2 | IT CLOSET, ELECTRICAL CLOSET | Mechanical and/or electrical equipment room | 1 | Factory and Industrial | 2B | |
| 8 | 2 | ACCESSORY OFFICES, CONFERENCE ROOM, SUPER'S OFFICE | Apartment | 8 | Residential | 2B | |
| 9 | 2 | BUILDING STORAGE | Storage of non combustible Materials | 2 | Storage | 2B | |
| 10 | 2 | LAUNRDY ROOM (409 SF) | Apartment | 9 | Residential | 2B | |
| 11 | 2 | (3) CLASS A APARTMENTS | Apartment | 0 | Residential | 2A | 3 |
| 12 | 2 | RECREATIONAL ROOMS (ACCESSORY TO RESIDENTIAL (FITNESS ROOM, COMPUETER ROOM, COMMUNITY ROOM, ETC 1531 SF) | Apartment | 31 | Residential | 2B | |
| 13 | 3 | (13) CLASS A APARTMENTS | Apartment | 0 | Residential | 2A | 13 |
| 14 | 3 | TELECOM CLOSET, ELECTRICAL CLOSET | Mechanical and/or electrical equipment room | 1 | Factory and Industrial | 2B | |
| 15 | 4 | ELECTRICAL METER CLOSET | Mechanical and/or electrical equipment room | 1 | Factory and Industrial | 2B | |
| 16 | 4 | (13) CLASS A APARTMENTS | Apartment | 0 | Residential | 2A | 13 |
| 17 | 5 | (13) CLASS A APARTMENTS | Apartment | 0 | Residential | 2A | 13 |
| 18 | 5 | TELECOM CLOSET | Mechanical and/or electrical equipment room | 1 | Factory and Industrial | 2B | |
| 19 | 6 | (13) CLASS A APARTMENTS | Apartment | 0 | Residential | 2A | 13 |
| 20 | 6 | TELECOM CLOSET, ELECTRICAL CLOSET | Mechanical and/or electrical equipment room | 1 | Factory and Industrial | 2B | |
| 21 | 7 | ELECTRICAL METER CLOSET | Mechanical and/or electrical equipment room | 1 | Factory and Industrial | 2B | |
| 22 | 7 | (13) CLASS A APARTMENTS | Apartment | 0 | Residential | 2A | 13 |
| 23 | 8 | (13) CLASS A APARTMENTS | Apartment | 0 | Residential | 2A | 13 |
| 24 | 8 | TELECOM CLOSET, ELECTRICAL CLOSET | Mechanical and/or electrical equipment room | 1 | Factory and Industrial | 2B | |
| 25 | 9 | (13) CLASS A APARTMENTS | Apartment | 0 | Residential | 2A | 13 |
| floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
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 for the past 24 months.
The neighborhood
In East Morrisania, The bulk, or 43 percent of the 12 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, East Morrisania has near average sales volume among other neighborhoods with $74.6 million in sales volume in the last two years and is the 17th highest in Bronx. For development, East Morrisania has near average amount of major developments among other neighborhoods and is the 10th highest in Bronx. It had 845,603 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 319,361 square feet of the 474,700 square feet. The largest owner is Ashkenazy Acquisition, followed by Dunn Development and then Joel Shafran. On the tax block, there was one new building construction project filed totaling 78,623 square feet. It is a 120-unit, 78,623 square-foot residential (R-2) building submitted by Martin Dunn with plans filed April 19, 2024 and it has not been permitted yet.
The surrounding
Within a 400-foot radius of 1852 Vyse Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. One of those two items was a sale which David Levitan, Steven Berger, Yosef Rabinowitz, Asher Shafran, Sarah Turkel, Tamar Rosenbaum, and Joel Shafran bought the 44,525-square-foot, 64-unit rental (C1) on 1838 Vyse Avenue for $12.2 million from David Kleiner on September 28, 2022. One of those two items was a loan which Liberty One Group borrowed $8.2 million from Signature Bank secured by the 44,525-square-foot, 64-unit rental (C1) on 1838 Vyse Avenue on September 28, 2022.
Direct link to the property’s ACRIS page and link to DOB NOW portal.