Permit issued for 153-unit affordable project in Tremont

The city issued a permit November 9 for a new building construction project calling for for a 153-unit, 127,911 square-foot residential (R-2) building at 656 East 176th Street in Tremont, Bronx. The plan was filed with the New York City Department of Buildings on March 19, 2019 under job number 210179242 and was permitted on November 9, 2022. It calls for the construction of a 11-story building. Radame Perez of Proxy Estate, Inc. submitted the plans in 2019.

The property

The property is owned by NYC Housing Partnership. The 1836 Belmont Avenue parcel has frontage of 200 feet and is 97 feet deep with a total lot size of 13,337 square feet. The lot is irregular. The zoning is R7X which allows for up to 5 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $416,000. The most recent loan totaled $66.9 million and was provided by NYC Housing Development Corporation on June 29, 2022.

Violations and lawsuits

According to city public data, the property has received $1,200 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Tremont, the bulk, or 40 percent of the 8.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 20 percent of the space. In sales, Tremont has near average sales volume among other neighborhoods with $64.8 million in sales volume in the last two years and is the 23rd highest in Bronx. For development, Tremont has near average amount of major developments among other neighborhoods and is the 18th highest in Bronx. It had 593,761 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 nine commercial properties representing 42,630 square feet of the 77,363 square feet. The two identified owners are Aquinas Housing Corporation and City of New York. On the tax block, there was one new building construction project filed totaling 127,911 square feet. It is for this project.

The owner

The PincusCo database currently indicates that NYC Housing Partnership owned at least four commercial properties in New York City with 229,865 square feet and a city-determined market value of $23.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 229,865 square feet of built space are elevator properties. They are all located in Brooklyn.

The surrounding

Within a 400-foot radius of 1836 Belmont Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, three were loans above $5 million totaling $54 million. The most recent of the three was Arjan Gjushi which borrowed $9 million from Orange Bank & Trust Company secured by the 32,676-square-foot, 46-unit rental (D7) on 637 East 176th Street on August 30, 2022.

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